From April 16, fuel prices will slightly decrease at the pumps.

Beginning April 16, 2025, there should be a slight decrease in the price of petroleum products at the pump. The pricing outlook report that directs the nation’s oil marketing companies’ price quotes serves as the basis for this.

Dynamics of prices

It is anticipated that the price of gasoline will drop by 1.5%, making a litre cost GH₵14.88.

Diesel prices are also anticipated to drop by 0.3 percent, to GH₵15.50.

Additionally, the price of a kilogramme of Liquefied Petroleum Gas (LPG) will decrease by 0.3 percent, to GH17.45.
This will be the seventh consecutive drop in petroleum product prices since February 2025, assuming the more than 100 oil marketing companies lower their prices at the pumps as anticipated.

Causes

The ongoing drop in the price of crude oil on the global market over the past few weeks has had an impact on the anticipated decline.

A few weeks ago, the price of a barrel of crude oil was $72. At the moment, it is trading at about US$64 per barrel.

Additionally, the cost of completed petroleum products has been declining on the global market.

LPG fell precipitously to 9.61 percent, while diesel fell 3.72 percent.

Implications

But according to Ghana Private Road Transport Union (GPRTU) executives who spoke to JOYBUSINESS, there are other factors besides a drop in gasoline prices that affect transport costs.

Negotiations and discussions between the government and transport operators for some decrease should have resulted from the recent market developments.

They include the cost of insurance and the cost of replacement parts as important considerations.

The GPRTU claims that before fuel prices are lowered at the pumps, the union anticipates that they would fall to GH₵12 per litre.

Given that prices have been dropping since February, the development may also contribute to lowering the cost of living in the nation.