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Several Oil Marketing Companies (OMCs) across Ghana have commenced reductions in fuel prices at the pumps, reflecting industry projections of a significant drop in petroleum product costs from November 1, 2025.
Market leader Star Oil is now selling petrol at GH¢11.59 per litre, down from GH¢12.77, while diesel has dropped from GH¢12.97 to GH¢12.47. Another key player, Zen Petroleum, also revised its prices on October 31, petrol now goes for GH¢11.97 per litre, and diesel sells at GH¢12.17.
Sources indicate that Zen Petroleum may maintain these prices for at least a week before making further adjustments. Several other OMCs have hinted at additional price cuts within the week, particularly among major brands with large market shares.
The Chamber of Oil Marketing Companies (COCM), in its end-of-October market report, projected that fuel prices could fall by up to 8% per litre. This was attributed to two key factors, a drop in global crude oil prices and a strong appreciation of the Ghana cedi in October 2025.
The cedi appreciated from GH¢12.63 to GH¢11.21 per dollar during the October 16 pricing window, marking an 11.22% gain, which helped offset the previous quarter’s depreciation. Analysts attribute this rebound to the Bank of Ghana’s shift to spot forex sales, which enhanced dollar liquidity and market efficiency.
On the international market, crude oil prices declined by 6.49% to $62.82 per barrel, reaching a five-month low due to U.S.-China trade tensions and fears of oversupply. Refined petroleum products also saw reductions, petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
Industry forecasts suggest that:
- Petrol prices may drop by up to 5.21%, reaching GH¢12.92 from GH¢13.93 per litre.
- Diesel prices could fall between 6.03% and 8.13%, to around GH¢13.10 per litre from GH¢14.56.
- Liquefied Petroleum Gas (LPG) is expected to decrease by 6.66%, selling at roughly GH¢13.60 per kilogram.
If over 200 OMCs implement these downward adjustments, it could mark the biggest fuel price reduction in Ghana in 2025, providing relief to transport operators and consumers nationwide.
