Petroleum product prices are likely to decline significantly this year due to the cedi’s appreciation against the dollar.
According to the most recent Chamber of Oil Marketing Companies (COMAC) pricing projection for the first pricing window in June 2025, fuel prices will fall significantly beginning June 1, 2025.
Price quotes for petroleum products.
According to COMAC’s price guideline, petrol is predicted to fall from 3.6% to 7.8% per litre beginning June 1, 2025.
This implies that a litre of petrol might be offered for GH¢12.02 or lower.
Diesel, on the other hand, is expected to drop by 4.2% to 7.8% per litre. As a result, a litre could cost GH¢12.90, which is cheaper than the expected price.
LPG is expected to be marketed at GH¢15 per kilogramme if Oil Marketing Companies adjust their rates by 6.3% per kilogramme.
Reasons for Reduction:
According to the Chamber of Oil Marketing Companies, the drop is simply due to the cedi’s steady strengthening versus the US dollar over the time.
Cedi’s Impact
In the second half of May 2025, the Ghanaian cedi strengthened strongly against the US dollar, strengthening from GH¢13.99 to GH¢12.15, gaining around 13.11%.
The cedi has maintained its excellent performance on the interbank market, posting significant gains versus major trade currencies, particularly the US dollar.
Crude Oil Market Development
The Chamber argues that Brent crude prices are recovering after falling to just over $60 per barrel in April as a result of escalating US tariffs and increased OPEC+ supply.
Improved market mood, fuelled by the US-UK trade pact and a 90-day agreement with China, has helped keep prices around $64 per barrel.
Looking ahead, the EIA predicts Brent crude will average $65.85 in 2025 and fall to $59.24 in 2026 as global oil output outpaces consumption.
Future prices may be influenced by geopolitical variables such as US sanctions and OPEC+ policy decisions.
Crude Price Outlook:
Crude oil prices rose 3.92% during the pricing window. In keeping with this, all overseas product prices increased.
Petrol prices jumped by 2.53%, LPG by 1.35%, and diesel by 3.07 percent.
Response From Oil Marketing Companies
Some oil marketing companies have already begun to lower pump prices ahead of the scheduled June 1, 2025 deadline.
On June 28, 2025, one of the industry giants, Allied Oil, announced a drop in petroleum product pricing.
Petrol is GH¢12.15 pesewas, while diesel is GH¢13.54.
