Some OMCs Adjust Pump Prices; Diesel Drops to GH¢13.90, Petrol Hits GH¢12.99

By Praisebell Rosemond Larbi

Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pumps, reflecting industry projections of mixed movements in the petroleum market.

At Goil, petrol is now selling at GH¢12.90 per litre, up marginally from GH¢12.88, while diesel has been revised downward from GH¢14.30 to GH¢13.90 per litre.

Shell has also increased prices, with petrol now retailing at GH¢13.59 per litre, compared to the previous GH¢12.89.

Market leader Star Oil, however, has announced that its prices will remain unchanged until September 15, 2025. Currently, the company is selling petrol at GH¢12.77 per litre and diesel at GH¢13.35 per litre.

Industry Projections

Last week, the Chamber of Oil Marketing Companies (COMC) projected that petrol prices could rise between 3.86% and 5.40% per litre from September 1, 2025, reaching as high as GH¢13.67. Diesel was expected to increase by about 3.39%, potentially pushing it to GH¢14.35 per litre, while Liquefied Petroleum Gas (LPG) was projected to go up by as much as 4.57% per kilogram.

Speaking to the media, Dr. Riverson Oppong, Chief Executive of the Chamber, explained that while some firms had revised downwards the expected margin of increase, the general outlook pointed towards price volatility.

Drivers of the Adjustments

According to the Chamber, the primary factor behind the upward adjustment is the cedi’s depreciation against the US dollar, which weakened from GH¢10.71 to GH¢11.20 in the past month—a 3.98% decline, described as the highest depreciation since the start of 2025.

The Chamber also highlighted a seeming paradox: while the cedi depreciated, international crude oil prices actually fell—petrol by 0.45%, diesel by 3.73%, and LPG by 1.73%. This means that without the local currency challenges, prices at the pumps could have seen marginal reductions.

In addition, some industry players believe the one-cedi levy on petroleum products, recently introduced, has added further pressure on pricing.

Supply Concerns

The Chamber further cited recurring shortfalls in petrol supply, which have intensified upward pressure on pump prices. In mid-August, supply challenges forced some OMCs to adjust their prices even before the usual pricing review window.

Market watchers say consumers should brace for further fluctuations in the coming weeks, depending on the performance of the cedi and developments in the global oil market.