The Institute for Energy Security (IES) has projected a significant increase in the cost of petroleum products, estimating that petrol, diesel, and Liquefied Petroleum Gas (LPG) prices will rise by 7% to 13% starting February 1, 2023.
Under this forecast, consumers should expect petrol to sell for approximately ¢15 per litre, while diesel is expected to exceed ¢17 per litre. This anticipated surge is attributed to the combined impact of the cedi’s sharp depreciation against the dollar and rising international fuel prices on the S&P Platts platform, which saw Brent crude climb to an average of $86.14 per barrel.
Notably, the IES pointed out that these price hikes are likely to occur despite the government receiving about 41,000 metric tonnes of diesel through its “Gold for Oil” initiative. The think tank’s analysis suggests that the local currency’s decline and global market trends have effectively overshadowed the potential relief from the new program.
This follows a trend from late January 2023, where petrol and diesel prices had already risen by 9% and 6.67% respectively, reflecting the persistent volatility in both the domestic and global energy markets.
Interestingly, while the 2023 landscape was defined by these steep increases, the situation in late 2025 has shifted considerably. Current data from December 2025 indicates that fuel prices have actually trended downward, with many Oil Marketing Companies now selling petrol for around ¢12.50 per litre.
This contrast highlights how the stabilization of the cedi and changes in the global supply chain have provided much-needed relief to Ghanaian motorists compared to the peak crisis periods of previous years.
