Fuel prices drop nationwide as cedi strengthens, oil prices fall
Oil Marketing Companies (OMCs) across the country have begun implementing significant reductions in fuel prices, following industry projections of more than a 4 per cent drop per litre from October 16, 2025.
Market leader Star Oil has slashed the price of petrol to GHS12.77 per litre, down from GHS13.17, while diesel now sells at GHS12.97, compared to GHS13.45 on September 30. The reduction marks one of the steepest price adjustments in recent months.
GOIL has also adjusted pump prices downward, now selling petrol at GHS12.98 per litre, from the previous GHS13.38, and diesel at GHS13.85, down from GHS14.20.
Similarly, Petrosol announced a reduction on October 17, pricing petrol at GHS13.48 per litre and diesel at GHS14.18, as part of the broader industry trend.
Other major OMCs said that further price cuts are expected within the week, particularly among top players controlling the largest market share.
Reasons for the Reduction
The Chamber of Oil Marketing Companies (COCM) attributed the over 4 per cent reduction in pump prices to two key factors: a decline in global crude oil prices and the recent appreciation of the Ghana cedi.
According to the Chamber’s market report, the cedi strengthened from GHS12.40 to GHS12.25 per US dollar, representing a 1.21 per cent gain during the pricing window.
On the global market, crude oil prices fell by 1.43 per cent to USD68.45 per barrel, with refined petroleum products following a similar pattern. Petrol dropped by 4.54 per cent, diesel by 3.94 per cent, and LPG by 3.43 per cent.
However, some OMCs may not fully reflect the declines due to earlier cost absorption from the first pricing window in October. This means some pump prices could remain stable rather than fall further over the next two weeks.
Impact on Consumers and Transport Fares
The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, welcomed the reduction, noting that it could help avert a planned transport fare hike by commercial drivers.
“We believe these efforts will go a long way to reduce the cost of living, and we commend OMCs that maintained stable prices even when market indicators suggested increases,” Mr Amoah said.
