The National Petroleum Authority (NPA) has projected a decline in petroleum prices by mid-March 2025, citing falling global crude oil prices and a slight depreciation of the Ghanaian cedi against the US dollar as key factors.
According to the latest Petroleum Price Indicators released by the NPA on February 28, 2025, crude oil prices have dropped by 2.03%, from $75.06 per barrel to $73.53 per barrel.
This decline is largely attributed to global market uncertainties, including tensions between the United States and Ukraine, new tariffs imposed by Washington, and Iraq’s decision to resume oil exports from the Kurdistan region.
The NPA’s report, which estimates petroleum price movements for the 16th March 2025 pricing window, indicates price reductions across key petroleum products:
o Petrol: Down by 3.55% (from $709.66/MT to $684.47/MT)
o Gasoil (Diesel): Down by 3.47% (from $720.16/MT to $695.19/MT)
o LPG: Down by 5.90% (from $609.34/MT to $573.42/MT)
o Jet/Kerosene: Down by 3.53% (from $744.18/MT to $717.92/MT)
o Fuel Oil: Down by 3.98% (from $485.30/MT to $465.97/MT)
Additionally, the foreign exchange rate (USD/GHS) used in petroleum pricing saw a marginal depreciation of 0.81%, from 15.5799 to 15.7077.
The anticipated drop in fuel prices is welcome news for consumers, particularly transport operators, businesses, and households that rely heavily on petroleum products. If current market trends persist, fuel prices at the pump could see slight reductions in the coming weeks, providing some relief amid ongoing economic challenges.
This development aligns with broader global trends, as oil prices have faced downward pressure due to geopolitical and economic factors.
The NPA’s projection suggests that Ghanaian consumers may soon benefit from lower fuel costs, contributing to reduced transportation expenses and potential price stabilization in goods and services.
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