The National Petroleum Authority (NPA) has forecasted a decline in fuel prices by mid-March 2025, attributing the expected reduction to a drop in global crude oil prices and a marginal depreciation of the Ghanaian cedi against the US dollar.
According to the NPA’s Petroleum Price Indicators released on February 28, crude oil prices have fallen by 2.03%, from $75.06 per barrel to $73.53 per barrel.
The report highlights that this trend is influenced by global economic uncertainties, including tensions between the United States and Ukraine, new trade tariffs by Washington, and Iraq’s decision to resume oil exports from the Kurdistan region.
The NPA’s pricing window estimate for March 16, 2025, suggests a reduction across major petroleum products.
Petrol is projected to drop by 3.55%, gasoil (diesel) by 3.47%, LPG by 5.90%, jet fuel and kerosene by 3.53%, and fuel oil by 3.98%.
Additionally, the foreign exchange rate used in petroleum pricing showed a slight depreciation of 0.81%, moving from 15.5799 to 15.7077 per USD.
These adjustments could translate into lower fuel prices at the pump, providing some relief to transport operators, businesses, and households.
