Fuel prices set to rise today as cedi weakens

By Praisebell Rosemond Larbi

The cost of petroleum products across Ghana is set to climb notably from today, 16 September 2025, as the weakening cedi outweighs falling global oil prices, according to the latest outlook by the Chamber of Oil Marketing Companies (COMAC).

Projected Adjustments

COMAC projects that petrol prices will rise between 3.66 and 5.86 per cent, pushing the average pump price to about GHS 14.17 per litre.

Diesel is expected to increase by 2.12 to 4.32 per cent, likely selling at around GHS 14.67 per litre.

Liquefied Petroleum Gas (LPG) could also see a 2.23 to 4.23 per cent hike, with prices reaching roughly GHS 14 per kilogram.

Currency Depreciation the Key Driver

The Chamber attributes the imminent hikes primarily to the sharp depreciation of the Ghana cedi against the US dollar during the most recent pricing window.

The local currency weakened from GHS 11.20 to GHS 12.07 per US dollar, representing a 7.76 per cent loss within the review period and bringing its year-to-date depreciation to 14.02 per cent.

“This decline is mainly due to strong demand for the dollar for imports ahead of the festive season,” COMAC explained.

Global Prices Offer Little Relief

Internationally, prices of finished petroleum products have actually fallen, with petrol down 2.52 per cent, diesel down 4.12 per cent, and LPG down 2.69 per cent.

However, COMAC stressed that the domestic impact of these global declines has been completely offset by the cedi’s weakness, leaving oil marketing companies with little choice but to adjust prices upward.

Implications for Consumers and Economy

The expected increases will place further strain on transport operators, businesses, and households, as fuel costs directly influence public transport fares, food prices, and overall inflation.

Economists warn that the hikes could erode recent gains in price stability, especially after consumer inflation eased to 11.5 per cent in August, below the government’s year-end target.

COMAC advised consumers to plan accordingly and urged continued vigilance in foreign-exchange management, noting that stabilising the cedi remains the most effective way to keep fuel prices in check.

The new prices will be confirmed by individual oil marketing companies and are set to take effect from today, Tuesday, 16 September 2025.