Fuel prices slashed by 8% today

Ghanaians can expect some relief at the pumps as fuel prices see their biggest drop yet this year, starting today, May 16. The significant reductio

Ghanaians can expect some relief at the pumps as fuel prices see their biggest drop yet this year, starting today, May 16.

The significant reductions come as the Chamber of Oil Marketing Companies (COMAC) released its pricing outlook for the second pricing window in May 2025.

Major Reductions Across Key Fuel Products

According to COMAC, the prices of petroleum products are expected to fall considerably, driven by a stronger cedi and declining global oil prices.

Petrol prices are projected to decrease by 6.7% to 8.8%, bringing the price per litre down to GH₵13.27 or even lower.

Diesel is expected to see a 4% to 6% reduction, with prices potentially falling to GH₵14.40 per litre or less.

LPG (Liquefied Petroleum Gas) is also set to drop by around 5.3%, with prices likely settling at GH₵16 per kilogram, depending on market adjustments.

These reductions come after five straight pricing windows of consistent declines in fuel prices.

Why the Prices Are Falling

COMAC attributes the downward trend to the sharp appreciation of the Ghanaian cedi against the U.S. dollar. Between May 1 and May 15, the cedi strengthened from GHS14.27 to GHS12.45, marking a 12.8% gain. Global crude oil and finished petroleum product prices have also declined during the same period.

In the previous pricing window, fuel prices recorded modest drops, with petrol decreasing by 0.34%, LPG by 2.7%, and diesel (gasoil) by 3.54%.

Oil Marketing Companies Adjust Prices

Leading Oil Marketing Companies (OMCs) have begun implementing the price reductions:

GOIL, Ghana’s largest OMC, is now selling petrol at GH₵13.32 per litre and diesel at GH₵13.91 per litre. This marks the seventh consecutive price cut by the company since February 2025.

Star Oil, the second-largest OMC based on 2024 data, has also adjusted its pump prices. As of 8:00 a.m. today:

Petrol is retailing at GH₵12.57, with some outlets offering it as low as GH₵12.47.

Diesel is priced at GH₵13.49, with certain stations offering discounts down to GH₵13.29.

Transport Sector Pushes Back on Fare Reductions

Despite the drop in fuel prices, the Ghana Private Road Transport Union (GPRTU) says the reductions are not substantial enough to lower transport fares.

“Fuel is just one part of the cost drivers face daily,” a GPRTU spokesperson said. “Until prices fall further or remain consistently low, reducing fares is not feasible.”