Fuel prices in Ghana remain stable in January 2025, despite global oil market uncertainties and geopolitical factors influencing crude prices.
Four days into the first pricing window of January 2025, fuel prices across oil marketing companies (OMCs) in the country have remained unchanged. The stability of fuel prices in Ghana is quite surprising.
A fact-finding by SKBÂ Journal, conducted across 15 major fuel stations in the country, reveals that prices for petrol and diesel remain stable despite expectations of adjustments.
Prominent oil marketing companies such as TotalEnergies, Shell, and Goil are selling petrol at GH¢15.30, GH¢15.30, and GH¢14.99 per liter, respectively.
Diesel prices at these stations stand at GH¢15.80, GH¢15.66, and GH¢15.60. Meanwhile, stations like Allied and Benab offer more competitive prices, with Allied selling petrol at GH¢14.20 and diesel at GH¢14.95, while Benab offers petrol at GH¢14.18 and diesel at GH¢14.97. Such competitive offerings affect the general fuel prices in Ghana.
Globally, the oil market is experiencing notable developments that could influence pricing decisions in Ghana. According to recent analyses, Brent crude is projected to average US$74.33 per barrel in 2025, with ample supply and tempered demand growth contributing to price stability.
Major consumers like China are reporting slower demand increases, while non-OPEC countries, notably the United States, are ramping up production.
However, geopolitical factors are introducing elements of uncertainty. The return of Donald Trump as President of the United States has raised concerns over stricter sanctions on countries like Iran, Venezuela, and Russia, which could reduce global oil supplies and create upward price pressure. This could potentially have a ripple effect on fuel prices in Ghana.
While these developments are being closely watched, the increased production levels are expected to mitigate significant price hikes.
In light of these global trends, Ghanaian OMCs appear to be adopting a wait-and-see approach. By maintaining current fuel prices, they may mitigate risks associated with potential price volatility on the international market while ensuring stability for consumers.
A cautious pricing strategy is also critical as Ghana prepares for economic challenges, with inflation and consumer spending power remaining key considerations. Analysts suggest that any local price adjustment will likely reflect global oil trends, particularly if geopolitical factors drive significant changes in crude oil costs.
Adding to the global narrative, reports indicate that global oil demand will grow modestly in 2025, with India accounting for a substantial share of the increase. However, the rise of electric vehicles and energy efficiency measures may temper overall demand growth. These factors could also influence future fuel prices in Ghana.
