At Goil, petrol is now selling at GH¢12.90 per litre, up from GH¢12.88, while diesel has dropped from GH¢14.30 to GH¢13.90.

At Shell, petrol is selling at GH¢13.59 per litre, compared to the previous GH¢12.89.

Meanwhile, Star Oil has kept its prices unchanged, saying it will maintain current rates until September 15, 2025. The company is currently selling petrol at GH¢12.77 per litre and diesel at GH¢13.35.

Industry Projections

Last Friday, the Chamber of Oil Marketing Companies (COMC) projected petrol prices to rise between 3.86% and 5.40%, possibly hitting GH¢13.67 per litre. Diesel was expected to rise by 3.39% to about GH¢14.35 per litre, while LPG was projected to go up by 4.57% per kilogram.

However, Chamber CEO Dr. Riverson Oppong noted that some firms had revised downwards the expected margin of increase this week.

Reasons for Adjustments

The Chamber explained that the upward revisions were driven largely by the cedi’s depreciation against the US dollar, which fell from GH¢10.71 to GH¢11.20 over the past month — a 3.98% drop, the steepest this year.

Ironically, global crude oil prices have been declining, with petrol falling 0.45%, diesel 3.73%, and LPG 1.73%.

Some industry players have also blamed the recent GH¢1 levy on petroleum products for fueling price hikes.

Cedi Depreciation and Supply Challenges

Despite easing global oil prices, the Chamber stressed that the weak cedi and persistent supply shortfalls — especially petrol — have placed upward pressure on local prices.

Joy Business reported that some OMCs were forced to adjust pump prices as early as mid-August, outside the regular pricing window, due to supply challenges.

Source: Joy Business

Petrol prices have marginally decreased, while diesel prices have increased.

GOIL is now selling a litre of petrol at GH₵12.07, down from the previous price of GH₵12.38 quoted on June 9, 2025. However, diesel prices at GOIL have risen to GH₵13.20 per litre from GH₵12.88.

Shell, on the other hand, has increased the price of petrol to GH₵12.08 per litre from GH₵11.98. Diesel prices at Shell have also risen from GH₵12.85 (quoted on June 16, 2025) to GH₵13.25 per litre.

Another OMC, PETROSOL, is selling petrol at GH₵11.98 per litre, while diesel is priced at GH₵13.98 per litre.

These increases mark the end of a period of consecutive price declines at the pumps since February 2025.

Industry Projections

The Chamber of Oil Marketing Companies projected last week that petrol prices would increase by about 2 percent per litre, while diesel prices would rise by approximately 5 percent per litre.

However, the Chamber of Petroleum Consumers (COPEC) has argued that there is no justification for these hikes and insists that prices should have remained unchanged.

Industry observers are also forecasting a significant spike in prices in the coming weeks, particularly from July 16, 2025. This is due to the requirement for OMCs to begin charging the Energy Sector Recovery Levy of one cedi per litre, which will result in consumers paying an additional GH₵1.93 per litre.

Source: Joy Business

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According to GlobalPetrolPrices.com, Ghana’s average petrol price of $1.211 per litre in May 2025 ranks it 77th globally compared with 48th in April 2024.

It is unclear why there was a sudden sharp fall in Ghana’s position instead of a rise, especially since the Ghana Cedi has been improving in value against the US dollar and other major foreign currencies.

Libya retained the number one position in Africa with the lowest fuel price of $0.027 per litre on the continent. It was also ranked first globally.

Angola and Algeria came 2nd and 3rd respectively, with fuel prices of $0.327 and $0.344 per litre. They were ranked 4th and 6th respectively in the world.

From 4th to 9th were Egypt ($0.377), Nigeria ($0.537), Sudan ($0.700), Tunisia ($0.835), Liberia ($0.871), Ethiopia ($0.922), and Gabon ($1.008), respectively.

Prices of petroleum products have been dropping, but only marginally at the pumps due to the stability of the Ghana cedi and falling crude oil prices. A barrel of crude oil is presently going for $65.89 on the world market.

Meanwhile, the Chamber of Oil Marketing Companies (COMAC) has confirmed to Joy Business that petroleum product prices would go down at the pumps from Friday, May 16, 2025.

Speaking to Joy Business, the Chief Executive of COMAC, Dr. Riverson Oppong, said the reduction in prices was anticipated since the foreign exchange rate is a major factor in price determination.

“As we speak now, the benchmark prices are falling as well, and the U.S. dollar is falling. That’s why you’ve seen petroleum product prices coming down, on average, from 15% to 13%,” he said.

Star Oil Ghana is selling a litre of petrol at GH₵12.55, indicating a one cedi drop. This represents a 7.9 percent decline.  The company is also selling a litre of diesel at GH₵13.27. This represents a 4.18 percent drop, indicating a 58 pesewas reduction from the previous price.

Star Oil is also selling petrol at GH₵12.31 and diesel for GH₵12.99 at some specific stations as part of a strategy to attract more customers. This is in line with the National Petroleum Authority pricing guidelines.

Price quotes by GOIL

Market leader, GOIL has also announced a reduction in prices of petroleum products at the pumps selling a litre of petrol at GH₵14. 49. GOIL was initially selling a litre of petrol for GH₵14.70.

This might be the biggest drop in the price of petrol in recent times.

Reasons

Some Industry watchers have linked the reduction in prices of petroleum products to the decline in price of crude oil on the international market over the past two weeks. Crude oil price has dropped from about US$81 earlier this month to hit US$71 a barrel on September 16, 2024.

In addition, the cedis marginal stability has been a major contributing factor as data shows it has been fairly stable against the dollar over the past two weeks.

Commercial banks are selling a dollar for around GH₵15.80 whiles the Forex Bureaus are selling a dollar at GH₵16.50.

Data Bank in its market update to investors on September 13, 2024 revealed that the cedi has appreciated by some GH₵0.49 against the US dollar.

The Chief Executive of the Association of Oil Marketing Companies Dr. Riverson Oppong forecast more reductions in fuel prices if the cedis stability persist.

The Executive Secretary Chamber of Petroleum Consumers, Duncan Amoah has stated that there is still the need for government to review taxes on the price buildup of petroleum products.

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The Chief Executive of Association of Oil Marketing Companies, Dr. Riverson Oppong disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe on September 5, 2024.

“All the variables that influence prices of petroleum products have been fairly stable over the past week and if that is sustained going forward, then there should be a reduction in prices at the pumps”, he explained.

Mr. Oppong however pointed out that the cedi’s performance will be “major push factor when it comes to reviewing prices from September 16, 2024 by the various oil marketing companies”.

He refuted criticisms that OMCs do not quickly adjust prices when the variables indicate a price reduction.

“There is always a reason, why the OMCs delay in reviewing prices at the pumps, and that has nothing to do with the arguments that they want to shortchange consumers”, he defended.

Price Movements

Some OMCs earlier this month started reviewing prices at the pumps mainly influenced by the cedi’s stability and a decrease in prices of crude oil on the international market.

Dr. Oppong rejected the arguments that some of the OMCs collude to fix prices of petroleum products.

“The Market is very competitive and it might be difficult for any operator to collude with another player”.

“OMCs have little influence on the prices, this is because we take the price from Bulk Oil Distributors based on price. We factor the various levies and taxes and then our margins”.

“Our cost inputs are very high and margins are small and most of our members are struggling to break even and that is a fact”, he added.

Service quality issues

Dr. Oppong revealed that the association is working to deal with complains of service quality issues that have come up in recent times from some consumers.

“Our sector can be described as the most regulated in the industry. We are regulated by the National Petroleum Authority, and Ghana Standards Authority. You shouldn’t see some of these product quality issues coming up that often”.

He revealed that the association is embarking on its own initiative, to ensure that members comply with the highest standards in storing products at the various service stations.

This, he believes could go a long way to deal with the challenge and reduce the complaints from consumers.

“Looking at the progress that we have made when it comes to developing the sector, we should not be having these kinds of challenges. That they are committed to doing everything to ensure that help restore confidence in the industry when it comes quality of products sold”.

He was also of the view that we must work hard to compensate affected consumers.

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Market Leader, GOIL is selling a litre of petrol at ₵14.99.

Diesel is currently going for ₵14.80.

Some of the Oil Marketing Companies have attributed the increase to the recent depreciation of the cedi to the dollar.

In addition, some stakeholders have blamed the increase on government’s decision to reinstate the Price Stabilization and Recovery Levy on prices of petroleum products.

The reintroduction of the levy imposed 16 pesewas on petrol and 14 pesewas on diesel.

It is also not clear for now whether the decision of the National Petroleum Authority to set a price floor for fuel has also impacted on the prices at the pumps.

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GOIL has reduced its prices. A litre of petrol is going for ¢14.50.

This represents almost 5 percent reduction from the previous price.

Diesel, on the other hand is going for ¢14.90, showing a price reduction by almost 3 percent per litre.

The reduction is in line with the two week review in prices which has been influenced by a fairly stable cedi and prices of Petroleum Products on the International Market.

IES predicts price reduction

Earlier, the Institute for Energy Security (IES) predicted that prices of petrol and diesel were expected to drop significantly between 7.1% and 10.8% at the pumps, from Thursday February 16, 2022.

According to the IES, petrol was expected to sell at about ¢14.40 per litre, and diesel going for about ¢13.90 per litre.

But the IES said a price of a kilogramme of LPG may hinged up to sell at ¢14.70 before the close of second pricing-window for February 2023.

The fall in prices of petrol and diesel are due to a marginal appreciation of the cedi to the dollar and drop in the prices of petrol and diesel globally.

World oil market

The international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.

This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at close of trading day February 5, after which price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.

According to him, cost of living in Ghana is very expensive due to failure on the part of the Akufo-Addo government to come out with austerity measures to ameliorate the plight of Ghanaians.

“Walahi! People are suffering; this economy is in tatters. It is nothing to write home about,” he said in an interview on Asempa FM’s Ekosii Sen programme Friday.

Mr Jinapor, who is also Member of Parliament for Yapei Kusawgu, revealed that his consumption of fuel has tripled in just a few months.

He cited how he used to fill his fuel tank with GH¢500 but he now spends GH¢1,500 just to fill his tank to buttress his point.

Mr. Jinapor wondered how the ordinary Ghanaian is making ends meet since things under President Akufo-Addo is moving from bad to worse.

The Yapei Kusawgu MP said he is ready to sacrifice for a year if government is able to come up with measures to halt the hikes in fuel prices.

“This is not about politics because people are really suffering,” Mr Jinapor added.

This follows several engagements the COBD had with the Bank of Ghana (BoG) and stakeholders to fashion out interventions aimed at reducing the prices at the various pumps.

The Chief Executive of the Chamber, Senyo Hosi, says additional measures have been agreed upon and are expected to reduce prices by Friday.

“The key thing that will really deal with the challenges we have will be the exchange rate interventions that government is looking at together with the Central Bank. Come April 1; we should be able to see a better position on petroleum prices.

“We will be looking at something close to a cedi under litre or half a cedi under a litre,” he said.

Last week, the government announced a ¢0.15 reduction in petroleum products, which commercial transport operators rejected.

The Ghana Private Road Transport Union (GPRTU), the Concerned Drivers Association of Ghana and other transport unions say they are disappointed.

According to them, they would have been better off if government had not absorbed anything.

After the Finance Minister announced the reduction, the Spokesperson for GPRTU, Imoro Abass, indicated that the drivers would be discussing a further increase in transport fares.

“If this is all they can do for us, I will say we are ungrateful. The ¢0.15 is woefully inadequate, so we’d have to meet and decide on which way we are going to move,” he told Joynews.

Fuel prices have increased within the last two-week period across major pumps in the country.

Many Oil Marketing Companies have been selling at an average of ¢9.70, ¢9.99 and ¢11.

According to him, the government must manage the foreign exchange rate to mitigate the high cost of fuel prices.

“One of the most potent and immediate things that government can do is to manage the forex rate. Either we have a central bank that is unwilling or a government that is not focused on the solution. We should be having a major crisis meeting by now on how to deal with prices,” he said.

Speaking in an interview on the Joy Super morning show, Mr Hosi noted that government must commence talks with industry players to address petroleum prices.

“Politicians are not industry people; when they are out of government, they consult industry when they are in government sometimes they forget and then become people who claim to know all. So you can’t fix these problems without the industry people.

“That conversation is not going on, and I don’t think it is optimal from the policy front. Since our last conversation in your studio, we’ve not had an industry crisis meeting to see how to fix this,” he said.

Mr Hosi noted that the country would face dire consequences in the future if prices are not controlled at the moment.

“It is crucial we address those things now. Going into the future, this is the bigger problem we are going to have. With prices going up, the crisis risk of Ghana will be going down, and there would be little funding even for oil import into this country.

“I think this is a crisis time there is the need for policymakers, the central bank to sit down and figure out a solution. The solutions are available if people are willing to help alleviate the suffering of our people,” he said.

Meanwhile, former Chief Executive Officer of the Volta River Authority, Dr Charles Wereko-Brobby, blamed the increase in fuel prices on the government’s failure to control fuel prices through its windfall profit.

“Right now, oil is around 85 dollars a barrel; we used $54 for our budgeting; it means that every extra barrel of oil that goes into our net basket $31 is the windfall profit that the government makes.

“I cannot think of a government saying it cares about the people if it is making $31 good windfall profit and is not applying that profit which is revenue neutral to reduce the prices of petroleum products,” he explained.

At the beginning of this month, the National Petroleum Authority commenced the removal of the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for two months.

The move is to stabilise prices for consumers and pay for Premix Fuel and Residual Fuel Oil subsidies.

However, the Chamber of Petroleum Consumers said the removal of the PSRL will not cause a reduction in fuel prices at the pumps.

Energy Minister, John Peter Amewu, says Ghanaians should be grateful to “caring” President Nana Addo Dankwa Akufo-Addo and the NPP government for controlling prices of petroleum products.

According to him, prices of fuel would have been GHC 5.54 per litre for petrol and diesel for GHC 5.55 if former president John Dramani Mahama was in power today.

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The Minister said they have intervened through tax interventions such as the reductions in Excise duty on petroleum products in March 2017, Petroleum Special Levy from 17.5 to 15 since they took office.

Mr Amewu made this known at a press conference on the recent fuel price hikes that have hit the nation.

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Peter Amewu says the interventions by President Akufo-Addo have caused government to lose revenue of 232 million dollars.

On whether the Special Petroleum Tax will be scrapped by government as promised in opposition, a deputy Minister of Energy, Dr Amin Adam said they were reviewing the situation with the finance minister and will communicate their decision later.

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He added that the energy ministry will continue their discussions with the finance ministry on the SPT to minimize its impact on Ghanaians.

A tour of some fuel stations by Adomonline.com revealed Total, Shell and Goil fuel stations are selling a litre for more than GHC 5 Cedis ten pesewas.

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Others like Sky Petroleum and Allied Oil are selling at a lower price.

The Bulk Oil Distribution companies passed on a hike in the cost of fuel to the Oil Marketing Companies who in turn passed it on to consumers today.

It’s sparked anger at the pumps with some taking to social media.

Some consumers also received the shocking news at the pumps Tuesday morning.

According to him, the Akufo-Addo government which inherited a collapsed economy is working assiduously to remedy the situation.

Mr. Mireku Duker’s call comes after some drivers are threatening to demonstrate against the government for increasing fuel prices.

They argued that New Patriotic Party (NPP) government’s decision to clandestinely increase the price of fuel is in sharp contrast to what they promised during the 2016 electioneering campaign.

They added that the fuel price increase is an indication of the government’s failure to keep up with its campaign promise of removing taxes that contribute to the fuel price build up.

Some of the drivers who claim can hardly make ends meet have vowed to vote against President Akufo-Addo in the 2020 general elections.

But on Adom FM’s morning show Dwaso Nsem Tuesday, Hon. Mireku Duker said the government cannot be blamed for the incessant increase.

He explained that the increase can be attributed to the hurricanes which hit parts of the United States of America which affected production at major oil companies.

The Tarkwa-Nsuaem MP wondered why the opposition National Democratic Congress (NDC) is stoking the fire when it did worse while in government.

Hon. Mireku Duker was certain a people-centered government under the leadership of President Akufo-Addo will not do anything to overburden the citizenry.