Prices of Petroleum Products Set for Biggest Drop at Pumps Today, May 16, 2025.
According to the Chamber of Oil Marketing Companies (COMAC) Pricing Outlook for the second pricing window in May 2025, petroleum product prices are expected to witness significant reductions starting today.
Price Quotes for Various Products
The pricing guidelines indicate that petrol prices are expected to fall by between 6.7 percent and 8.8 percent per litre. This means a litre of petrol could sell for GH₵13.27 or even lower.
Diesel prices are also expected to drop by 4 to 6 percent per litre, potentially reducing the price to GH₵14.40 or less.
Liquefied Petroleum Gas (LPG) prices are likely to decrease by about 5.3 percent, with the product expected to sell for around GH₵16 per kilogram if Oil Marketing Companies adjust accordingly.
Reasons for the Reduction
COMAC attributes the sharp drop in prices to the Ghanaian cedi’s record appreciation against the U.S. dollar.
The chamber’s report states, “Between May 1 and May 15, 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GHS14.27 to GHS12.45, a gain of approximately 12.8%.”
Additionally, crude oil prices and prices of finished petroleum products have declined significantly during this period.
Fuel prices have been on a downward trend for the last five consecutive pricing windows. Petrol prices fell marginally by 0.34%, LPG dropped by 2.70%, and gasoil recorded the highest decline, falling by 3.54%.
Oil Marketing Companies Responding
Market leader GOIL has announced reductions in prices at its service stations nationwide. Petrol is now selling at GH₵13.32 per litre, while diesel is priced at GH₵13.91 per litre.
This marks the seventh consecutive price reduction by GOIL since February 2025.
Star Oil, the country’s second-largest Oil Marketing Company based on last year’s data, has also announced price reductions effective from 8 a.m. on May 16, 2025.
At Star Oil stations, petrol is selling at GH₵12.57 per litre, with some stations offering it at GH₵12.47.
Diesel is priced at GH₵13.49 per litre, with some stations offering a discounted price of GH₵13.29 per litre.
Transport Sector Reaction
However, the Ghana Private Road Transport Union (GPRTU) has argued that these price reductions are insufficient to lower transport fares.