Fuel Prices Slashed Across Ghana as Cedi Strengthens
Motorists are breathing a sigh of relief as fuel prices across the country drop sharply following adjustments by major Oil Marketing Companies (OMCs). The latest changes, effective mid-October, reflect a general decline of more than four percent per litre.
Market leader Star Oil has led the wave of reductions, now selling petrol at GH¢12.77 per litre, down from GH¢13.17. Diesel prices have also fallen from GH¢13.45 to GH¢12.97 within the same period.
At GOIL outlets, petrol is currently priced at GH¢12.98 per litre instead of GH¢13.38, while diesel has seen a downward revision to GH¢13.85, from the previous GH¢14.20.
Petrosol followed suit with its own price cut on October 17, 2025, adjusting petrol to GH¢13.48 and diesel to GH¢14.18 per litre.
Industry insiders say additional OMCs are expected to announce similar reductions before the end of the week, particularly among the biggest brands controlling the majority of Ghana’s fuel market.
According to the Chamber of Oil Marketing Companies (COMC), the recent reduction stems mainly from two economic shifts — a stronger cedi and falling crude oil prices on the world market.
In its pricing window report, the Chamber revealed that the cedi appreciated from GH¢12.40 to GH¢12.25 per US dollar — a 1.21% gain within the review period.
Market analysts credit the local currency’s recovery to improved foreign exchange inflows, renewed investor confidence after Ghana’s Fifth IMF Review, and tighter monetary measures by the Bank of Ghana.
Globally, crude oil prices fell by 1.43%, settling at $68.45 per barrel, while refined petroleum products followed the same trend. Petrol dropped by 4.54%, diesel by 3.94%, and LPG by 3.43%.
Even with the positive movement, analysts caution that not every one of Ghana’s 200-plus OMCs may apply the full reduction. Some companies are said to be offsetting earlier operational losses from previous price hikes.
Story by Adwoa S. Danso
