Costs of petroleum merchandise are anticipated to see marginal will increase on the pumps beginning in the present day, April 2.
That is based mostly on the most recent Pricing Outlook Report obtained by JoyBusiness, which guides Oil Advertising and marketing Corporations (OMCs) from April 1 to April 15, 2025.
In line with the report, petrol costs are projected to rise by 2%, bringing the worth per liter to GHC 15.20, whereas diesel will improve by 1.1% to GHC 15.35 per liter.
Nonetheless, there’s a slight reduction for Liquefied Petroleum Fuel (LPG), which is predicted to drop marginally by 0.3%, with a kilogram promoting at GH¢17.30.
These worth changes come after three consecutive reductions in gas costs over the previous month.
What’s Inflicting the Improve?
The primary driver behind the worth hike is rising crude oil costs on the worldwide market.
World oil costs have climbed as a consequence of provide constraints attributable to U.S. sanctions and commerce insurance policies affecting key oil-producing nations like Iran and Venezuela.
Over the pricing window, crude oil costs have elevated by 0.86%, with oil at the moment buying and selling round $74 per barrel.
Curiously, this anticipated worth hike isn’t as a consequence of cedi depreciation, a uncommon incidence in latest instances.
Actually, the cedi has remained pretty steady in opposition to the US greenback all through March, even appreciating by 0.07% within the final week of the month, due to interventions by the Financial institution of Ghana.
OMCs Divided on Worth Changes
Regardless of the anticipated will increase, some Oil Advertising and marketing Corporations have hinted to JoyBusiness that they could preserve costs unchanged. The rationale? Market competitors and client demand.
Business gamers acknowledge that every time costs rise, demand drops, main some OMCs to undertake a wait-and-see method earlier than making worth changes.
Consequently, whereas some OMCs will improve costs from April 2, 2025, others could maintain onto present charges to retain prospects.
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