Cost of living expected to rise as fuel price goes up on January 17

Petroleum product prices are expected to modestly increase at the pumps starting Friday, January 17, 2025, due to rising global crude oil prices and recent fluctuations in the cedi’s value.

At the start of 2025, the Cedi experienced a slight depreciation, losing 0.38% against the US dollar in the retail market.

This, combined with increasing global crude oil prices, is set to push local fuel prices higher.

Dr. Riverson Oppong, the Chief Executive of the Chamber of Oil Marketing Companies, explained that these two factors are the main contributors to the projected price hike.

“Until recently, the situation was relatively stable,” Dr. Oppong noted. “However, we’ve seen a 0.33% rise in global Free-On-Board plant prices within just 24 hours, and the exchange rate continues to be volatile.”

Dr. Oppong also clarified that oil marketing companies are required to adjust their prices in accordance with the regulations set by the National Petroleum Authority (NPA).

“We are not allowed to sell below the floor price set by the NPA. As a result, the floor price for this pricing window will differ from the next, which means we must raise our prices accordingly,” he added.

As the cedi continues to struggle against the dollar and global crude oil prices remain volatile, consumers can expect fuel prices to reflect these changes in the coming days.