Fuel prices are set for a marginal increase in the first pricing window of March, which begins on March 1, according to projections by the Chamber of Oil Marketing Companies (COMAC).
The price of petrol (PMS) is projected to rise by 2.89% per litre, while diesel is expected to increase by 0.86% per litre.
However, the price of Liquefied Petroleum Gas (LPG) is expected to decrease by 0.44%.
The projected changes are largely driven by rising international petroleum product prices, with petrol increasing by 4.58%, gasoil rising by 1.66%, and LPG falling by 1.05%.
On the domestic front, the local currency, the cedi, appreciated marginally against major international trading currencies, strengthening from GHS 11.099 to GHS 11.049 per US dollar, representing a 0.45% gain.
This movement comes amid ongoing efforts by the Ghana government and the Bank of Ghana to stabilise the foreign exchange market through monetary tightening and improved forex inflows from exports.
During the last pricing window of February, the average pump price of petrol was GH¢11.05 per litre, diesel was GH¢12.31 per litre, while Liquefied Petroleum Gas (LPG) sold at GH¢12.16 per kilogram. The adjustments reflected global crude oil price movements and shifts in the international refined products market.
Oil marketing companies will, from tomorrow, begin adjusting pump prices to align with prevailing market conditions and the latest pricing indicators.
For the first pricing window of March, the regulator has set the price floor at GH¢10.46 per litre for petrol, GH¢11.42 per litre for diesel, and GH¢9.38 per kilogram for LPG. These benchmarks are part of measures aimed at ensuring fair pricing and market stability within the downstream petroleum sector
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