The Chamber of Oil Marketing Companies (COMAC) says petrol and diesel prices are set to increase by 2% and 1.1%, respectively, while the price of liquefied petroleum gas (LPG) will decline by 0.3% in the first pricing window of April 2025.
It said the increase is largely attributed to an increase in global crude oil prices, noting that Brent crude saw a modest uptick from $71.94 per barrel to $72.57 per barrel, representing a 0.86% rise. This increase, COMAC said, comes as tightening global supply offsets concerns over a potential slowdown in energy demand due to ongoing trade tensions
Despite the rise in crude oil prices, international product prices showed mixed movements. Petrol prices rose by 4.15%, while diesel and LPG saw declines of 1.87% and 0.51%, respectively. This divergence in pricing trends reflects fluctuations in global supply chains and refining costs.
Nonetheless, the cedi showed signs of recovery in late March 2025, appreciating by 0.07% against the US dollar. While the cedi experienced a 5.3% depreciation in the first quarter of the year, it regained 0.31% in value on the international market, bolstered by central bank interventions aimed at stabilizing the exchange rate.
However, the latest adjustment follows three consecutive fuel price reductions in March 2025, providing some relief to consumers. Importantly, with the modest rise in petrol and diesel prices, transport costs may see a slight increase in the coming weeks.
The Chamber urged transport operators to prepare for the slight rise in fuel costs.
