Some Oil Marketing Companies (OMCs) have begun reducing the prices of petroleum products at the pumps once again. This marks the second drop in fuel prices within the second pricing window of June.
Competition in the Petroleum Products Market (Price War)
JOYBUSINESS understands that the latest reduction is due to intense competition among major OMCs, resulting in a price war.
Market leader Star Oil, on June 19, 2025, announced a drop in the price of petrol from GH¢10.99 per litre to GH¢10.80. Diesel, which previously sold at GH¢12.77, has now reduced to GH¢12.13 per litre.
Another key player, Allied Oil, is also set to reduce its prices further, effective June 20, 2025. On June 16, the company sold petrol at GH¢10.97 per litre; the price has now dropped to GH¢10.75.
Zen Petroleum has likewise reduced its petrol price to GH¢10.75 per litre.
However, a careful analysis of the figures reveals that the price of diesel has increased slightly since June 16, 2025. The reason for this marginal rise remains unclear for now.
The Price Deregulation Policy, introduced by the government in 2015, was designed to allow competition—alongside international market trends—to drive prices down.
Outlook
Some OMCs have told JOYBUSINESS that fuel prices may go up from July 1, 2025, if the ongoing war between Israel and Iran in the Middle East does not end soon.
Since the conflict began, crude oil prices have surged from $66 per barrel to about $76 per barrel.
However, some industry experts argue that a continued appreciation of the Ghana cedi in the coming days could help offset the expected 5% or more increase in international crude prices.
Fuel prices have dropped more than six times at the pumps this year, with industry data showing that the cedi’s appreciation has played a significant role in those reductions.