Fuel prices set to drop from November 1

Ghanaians can expect a significant reduction in fuel prices at the pumps beginning November 1, 2025, according to the latest outlook report from the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketers nationwide.

Petrol is expected to fall by up to 5.21 per cent, bringing pump prices down to around GHS12.92 per litre from GHS13.93.

Diesel is likely to decrease between 6.03 per cent and 8.13 per cent, reducing the litre price to approximately GHS13.10 from GHS14.56, while liquefied petroleum gas could drop by as much as 6.66 per cent, lowering prices to about GHS13.60 per kilogram.

If implemented across all 200-plus oil marketing companies, this would represent the largest fuel price reduction in Ghana in 2025, a rare occurrence as petroleum products seldom experience such significant drops within a single pricing window.

Some companies are expected to roll out the new prices as early as this weekend, while others may wait to exhaust existing stock or recalibrate their pumps, introducing the cuts later next week.

COMAC attributes the projected reductions to declining global crude oil prices and the cedi’s strong appreciation in October.

The cedi strengthened from GHS12.63 to GHS11.21 per dollar during the October 16 pricing window, an 11.22 per cent gain, nearly offsetting the 13.33 per cent depreciation recorded in the third quarter of the year.

Meanwhile, international crude oil prices fell to a five-month low of USD62.82 per barrel, a 6.49 per cent decline driven by escalating US-China trade tensions and fears of a potential supply glut later in the year.

Prices of refined petroleum products also dropped, with petrol, diesel, and LPG down 3.30 per cent, 2.48 per cent, and 2.35 per cent respectively.