Oil Marketing Companies (OMCs) across the country have reduced prices of petroleum products at the pumps in line with earlier projections.
The price reductions will last for two weeks in June 2025, beginning June 1.
Market leader Star Oil has reduced the price of petrol from GH₵12.99 to GH₵11.77 per litre. Diesel, which sold for GH₵13.99 in May 2025, has been reduced to GH₵12.49.
Another industry giant, GOIL, has dropped the price of petrol from GH₵13.27 to GH₵12.52 per litre. Diesel is now selling at GH₵12.98, down from GH₵13.27.
Allied last week took the lead by adjusting prices, selling petrol at GH₵12.15 per litre. It is also selling diesel at GH₵13.35 per litre.
Meanwhile, more Oil Marketing Companies have disclosed to Joy Business that they will adjust prices at the pumps from today, June 2, 2025.
However, some industry experts have raised concerns about the margin of reduction by the OMCs.
Reasons for Adjustments
The Chamber of Oil Marketing Companies, in its Price Outlook Report, revealed that the expected reduction is purely due to the cedi’s appreciation.
This is because prices of crude oil and finished petroleum products have been increasing, albeit marginally, on the international market.
Cedi’s Impact
According to the Chamber of Oil Marketing Companies, in the second half of May 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GH₵13.99 to GH₵12.15, a gain of approximately 13.11%.
The cedi has continued its impressive run on the interbank market, registering substantial gains against major trading currencies, particularly the US dollar.
Crude Oil Market Development
The Chamber maintained that Brent crude prices are recovering after dropping to just over $60 per barrel in April 2024 due to rising U.S. tariffs and increased OPEC+ supply.
The improved market sentiment, driven by the U.S.-UK trade deal and a 90-day accord with China, has also helped stabilise prices around $64 per barrel.
Looking ahead, the Energy Information Administration (EIA) forecasts Brent crude could average $65.85 in 2025 and decline to $59.24 in 2026, as global oil production is expected to outpace demand.