Ghana’s fuel market is facing renewed price pressure after international crude oil prices jumped by 19.42% in the latest pricing window, according to the Chamber of Oil Marketing Companies (COMAC).
The increase pushed the average crude oil price from US$104.01 per barrel on September 16 to US$124.20 per barrel for the October 1 pricing window.
The rise in crude prices has also been accompanied by increases in refined petroleum products. Petrol went up by 2.43%, while diesel rose by 6.91%. LPG recorded an 8.55% increase.
COMAC attributes the stronger international prices to tighter physical oil markets, strong demand for prompt barrels and constrained global refinery capacity.
The Chamber also points to developments in the Middle East and disruptions affecting oil transportation as factors influencing the market.
“Market fundamentals are becoming more bullish,” COMAC noted in its latest Price Outlook.
The pressure on the local market is being compounded by movements in the cedi. The currency depreciated by 1.27% against the US dollar, with the average rate moving from GH¢11.4849 to GH¢11.6321 between the two pricing windows.
COMAC projects that petrol prices could rise by between 2.12% and 3.31% during the October 1–15 pricing window.
Diesel is projected to increase by between 3.32% and 5.60%, while LPG is expected to record a smaller increase within the projected range.
For cash purchases, the projected ex-pump prices are GH¢17.67 per litre for petrol and GH¢19.30 per litre for diesel. LPG is projected at GH¢16.76 per kilogramme.
The report also puts the floor prices at GH¢16.45 per litre for petrol and GH¢17.97 per litre for diesel.
COMAC says the government-industry intervention will continue to cushion diesel consumers against the full impact of rising international prices.
“The higher projected adjustments reflect rising global crude oil, refined-product prices and a weaker cedi,” the report stated.
The latest outlook highlights the combined effect of international oil prices, refined product costs and exchange-rate movements on Ghana’s domestic fuel market.
