Petroleum prices to rise marginally at pumps from tomorrow
GHANAIANS must brace for a marginal increase in petroleum product prices at the pumps starting Friday, January 17, 2025. The adjustment is attributed to rising crude oil prices on the international market and recent depreciation of the cedi.
The cedi began the year on a weaker note, depreciating by 0.38% against the US dollar in the retail market. This currency instability, coupled with global oil market dynamics, has driven the anticipated price hike.
Dr. Riverson Oppong, Chief Executive of the Chamber of Oil Marketing Companies, highlighted the main factors behind the expected price changes.
“Initially, things seemed stable, but we’ve observed shifts in the global crude oil market and the local currency’s strength,” Dr. Oppong stated. “For instance, global Free-On-Board plant prices rose by 0.33% within 24 hours, and the exchange rate remains volatile. These factors directly impact petroleum prices.”
Dr. Oppong also noted that oil marketing companies (OMCs) are bound by regulatory directives from the National Petroleum Authority (NPA) to adjust their pricing in line with changes in floor prices.
“OMCs are obligated to adhere to the regulatory framework concerning floor prices. We are not allowed to sell below the minimum price set by the NPA,” he explained. “The floor price for this current pricing window differs from the upcoming one, which requires us to make corresponding price adjustments.” The adjustments, though marginal, reflect the ongoing challenges of managing global oil price volatility and the cedi’s depreciation, highlighting the need for sustainable measures to stabilize Ghana’s energy sector.
