Barring any intervention, consumers should expect further marginal increases in the price of petrol, diesel and Liquefied Petroleum Gas (LPG) in the coming days, the Institute for Energy Security (IES) has revealed.

According to the energy think tank, this is largely due to the worsened Ghana cedi.

“Following the continuous price hikes recorded by all refined petroleum products under consideration on the world fuels market in the past two weeks, the local market is likely to reflect these changes.

“Given the Ghana cedi’s poor performance, coupled with the rising prices of petroleum products on world fuels market, IES expects prices to increase marginally in the early days in the month of March [2024]”.

World fuel market

The IES said the Global Standard & Poor (S&P) Platts platform tracking of refined petroleum price data published at the close of trade on February 26, 2024, showed the price of diesel, petrol and Liquified Petroleum Gas (LPG) going for $871.75, $840.43, and $599.48 per metric tonne.

The published price data over the period indicated an increment in refined petroleum products under consideration.

Specifically, the net price effects realised indicated 1.56%, 3.24%, and 2.92% increase for diesel, petrol and Liquefied Petroleum Gas respectively.

Local fuel market performance

The second pricing window of February saw the price of petroleum products surge at the pumps in line with projections on the local fuels market.

The IES tracking of Oil Marketing Companies (OMCs) activities revealed that liquid fuels prices went up at an average of GH¢0.45 for diesel and GH¢0.30 for petrol per litre. LPG also increased by GH¢0.65 per kilogramme.

IES analysis of fuel price data gathered in the last two weeks pegged the national average price for petrol at GH¢13.32 for diesel, and petrol GH¢12.24 per lire respectively.