Several Oil Marketing Companies (OMCs) have started lowering fuel prices at the pumps following industry projections of significant reductions from November 1, 2025.
Market leader Star Oil has reduced petrol prices from GH¢12.77 to GH¢11.59 per litre at selected stations nationwide. Diesel has also fallen from GH¢12.97 to GH¢12.47 per litre.
Zen Petroleum, another major player, cut its prices on October 31, with petrol now selling at GH¢11.97 and diesel at GH¢12.17 per litre. Sources indicate Zen’s prices may remain stable for about a week before further adjustments.
Several other OMCs have indicated plans to implement additional reductions this week, particularly among top brands with larger market shares.
Reasons for the Decline
The Chamber of Oil Marketing Companies (COCM) projected at the end of October that fuel prices could fall by up to 8% per litre, citing two key factors: a drop in global crude oil prices and the Ghana cedi’s strong appreciation in October 2025.
From October 16, the cedi strengthened from GH¢12.63 to GH¢11.21 per dollar — an 11.22% gain — nearly offsetting the 13.33% depreciation experienced in Q3. Analysts link this rebound to the Bank of Ghana’s shift to spot forex sales, which improved dollar liquidity and market efficiency.
International crude oil prices also fell to a five-month low, dropping 6.49% to $62.82 per barrel amid U.S.-China trade tensions and supply glut concerns. Prices of refined petroleum products similarly declined: petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
Projected Price Adjustments
If the projected reductions are fully implemented:
- Petrol could fall by up to 5.21%, to around GH¢12.92 per litre from GH¢13.93.
- Diesel could drop 6.03–8.13%, reaching about GH¢13.10 per litre from GH¢14.56.
- LPG prices may decline by 6.66%, to roughly GH¢13.60 per kilogram.
With over 200 OMCs potentially adjusting prices, this could mark the largest fuel price drop in Ghana for 2025.
