Ghanaian consumers are experiencing significant relief at fuel stations following a sharp reduction in petroleum prices effective May 16, 2025.
The drop, projected by the Chamber of Petroleum Consumers (COPEC), stems from the Ghanaian cedi’s 12.8% appreciation against the U.S. dollar and declining global crude oil prices.
COPEC Executive Secretary Duncan Amoah confirmed the trend, noting petrol prices fell by 6.7%–8.8%, diesel by 4%–6%, and liquefied petroleum gas (LPG) by approximately 10%. Major oil marketing companies (OMCs) have implemented adjustments, with GOIL reducing petrol to GH₵13.32 per litre, diesel to GH₵13.91, and premium fuel to GH₵15.19.
Shell now sells petrol at GH₵13.79, diesel at GH₵14.89, and premium at GH₵15.49, while TotalEnergies offers petrol at GH₵13.75, diesel at GH₵14.75, and premium at GH₵16.10. Discount retailers like Zen Petroleum and Frimps Oil provide lower rates, with Zen’s petrol at GH₵12.67 and diesel at GH₵13.85, and Frimps pricing petrol at GH₵13.05 and diesel at GH₵14.05.
The cedi’s rise from GH₵14.27 to GH₵12.45 against the dollar between May 1–15, coupled with a dip in global oil prices, reduced import costs. However, Ghana’s global fuel affordability ranking fell to 20th in Africa and 77th worldwide (from 13th and 48th in April 2024), as local taxes and levies offset some gains.
“While global factors have eased prices, domestic fiscal policies temper the full benefits,” Amoah explained. Despite this, households and businesses welcome the respite, which alleviates inflationary pressures and operational costs.