Fuel Prices Take a Major Dip Today — Here’s How Much You’ll Pay at the Pumps
Ghanaian drivers and households are set to enjoy a notable drop in fuel prices starting today, May 16, 2025, as the country records what could be its biggest petroleum price cut in months.
According to a new pricing outlook by the Chamber of Oil Marketing Companies (COMAC), petrol, diesel, and LPG are all expected to see significant reductions in the second pricing window of May.
Petrol prices are projected to dip by between 6.7% and 8.8%, pushing the cost per litre down to around GH₵13.27 — or even lower depending on the retailer.
Diesel users are also in for some relief, with expected price cuts of 4% to 6%. At these rates, diesel could be selling at GH₵14.40 or less per litre.
For households relying on LPG, prices are expected to fall by about 5.3%, bringing the cost to roughly GH₵16 per kilogram — provided oil marketing companies adjust their pricing accordingly.
The sharp reduction is largely credited to the Ghanaian cedi’s impressive performance against the US dollar. Between May 1 and May 15, 2025, the cedi appreciated by a significant 12.8%, moving from GHS14.27 to GHS12.45.
Alongside the currency gains, global oil prices and the cost of refined petroleum products have both trended downward, contributing further to the local price cuts.
Fuel prices in Ghana have been declining for the past five pricing windows. In the last round alone, petrol fell by 0.34%, LPG dropped by 2.70%, and diesel recorded the sharpest decline at 3.54%.
Major players in the fuel distribution market are already reacting. GOIL, the nation’s largest oil marketing company, has introduced new prices across its service stations. Petrol now goes for GH₵13.32 per litre, while diesel stands at GH₵13.91. This marks GOIL’s seventh consecutive price reduction since February.
Star Oil, Ghana’s second-biggest oil marketer, has also dropped its prices, effective from 8 a.m. today. At Star stations, petrol is selling for GH₵12.57, with some outlets offering it as low as GH₵12.47. Diesel prices range from GH₵13.49 to GH₵13.29.
Despite the downward adjustment in fuel prices, the Ghana Private Road Transport Union (GPRTU) insists that the reduction isn’t substantial enough to warrant a cut in transport fares. For now, commuters may not see any change in fares even as pump prices fall.
As fuel prices continue to trend downward, Ghanaians will be watching closely to see how long this wave of relief will last — and whether transport operators will eventually respond.
Story by Adwoa S. Danso
