The National Petroleum Authority (NPA) has projected a decline in petroleum costs by mid-March 2025, citing falling international crude oil costs and a slight depreciation of the Ghanaian cedi in opposition to the US greenback as key elements.
According to the most recent Petroleum Price Indicators launched by the NPA on February 28, 2025, crude oil costs have dropped by 2.03%, from $75.06 per barrel to $73.53 per barrel.
This decline is essentially attributed to international market uncertainties, together with tensions between the United States and Ukraine, new tariffs imposed by Washington, and Iraq’s choice to renew oil exports from the Kurdistan area.
The NPA’s report, which estimates petroleum worth actions for the sixteenth March 2025 pricing window, signifies worth reductions throughout key petroleum merchandise:
- Petrol: Down by 3.55% (from $709.66/MT to $684.47/MT)
- Gasoil (Diesel): Down by 3.47% (from $720.16/MT to $695.19/MT)
- LPG: Down by 5.90% (from $609.34/MT to $573.42/MT)
- Jet/Kerosene: Down by 3.53% (from $744.18/MT to $717.92/MT)
- Fuel Oil: Down by 3.98% (from $485.30/MT to $465.97/MT)
Additionally, the international alternate fee (USD/GHS) utilized in petroleum pricing noticed a marginal depreciation of 0.81%, from 15.5799 to fifteen.7077.
The anticipated drop in gasoline costs is welcome information for shoppers, significantly transport operators, companies, and households that rely closely on petroleum merchandise. If present market developments persist, gasoline costs on the pump may see slight reductions within the coming weeks, offering some aid amid ongoing financial challenges.
This improvement aligns with broader international developments, as oil costs have confronted downward strain because of geopolitical and financial elements.
The NPA’s projection means that Ghanaian shoppers might quickly profit from decrease gasoline prices, contributing to decreased transportation bills and potential worth stabilization in items and companies.
Recommendations of National Economic Dialogue will be my Bible for 2025 Budget – Ato Forson