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Fuel prices in Ghana are expected to drop significantly in the second pricing window of May 2025, following the recent appreciation of the cedi against the US dollar. This projection comes from the Chamber of Petroleum Consumers (COPEC), which anticipates a general decline in fuel costs of up to 10%.
Speaking on News Central, COPEC’s Executive Director, Duncan Amoah, revealed that as of May 16, only two Oil Marketing Companies (OMCs) had implemented price reductions, with GOIL lowering its petrol price by 32 pesewas.
“Prices are expected to go down today. So far, only two marketing companies have adjusted their prices downward. GOIL has done so, and while we had hoped for more substantial reductions, we expect more companies to follow,” Amoah said.
According to COPEC, the price of petrol at the pumps could fall between 3% and 5%, diesel between 4% and 8%, and liquefied petroleum gas (LPG) by about 10%, all due to the cedi’s strengthening.
Amoah stressed that by the end of Friday, May 16, most OMCs are expected to reflect the lower prices. Should any companies fail to do so, COPEC may call on the public to boycott those that do not pass the relief on to consumers.
“It is early days yet, and maybe we should give them a few more days, but the expectation is that prices will go down and go down significantly,” he concluded.
