Fuel prices are responding to cedi’s appreciation
Fuel consumers across Ghana are enjoying slight relief at the pumps as several Oil Marketing Companies (OMCs) begin cutting prices this week.
The reductions follow earlier projections that petroleum prices could fall by more than 4% per litre from October 16, 2025.
Star Oil, the current market leader, has led the charge by trimming its petrol price to GH¢12.77 per litre, down from GH¢13.17. Diesel prices have also been reduced from GH¢13.45 at the end of September to GH¢12.97 as of October 20, 2025.
GOIL, on the other hand, has adjusted its pump rates to sell petrol at GH¢12.98 per litre, compared to the previous GH¢13.38, while diesel now sells at GH¢13.85, down from GH¢14.20.
Cedi strengthens to GH¢10.70 against US dollar
Petrosol also announced new rates on October 17, setting petrol at GH¢13.48 and diesel at GH¢14.18.
Additionally, more OMCs are expected to follow suit in the coming days.
The Chamber of Oil Marketing Companies (COC) attributed the latest reductions to a decline in global crude oil prices and the recent appreciation of the Ghana cedi.
In its latest market review, the Chamber noted that the cedi strengthened from GH¢12.40 to GH¢12.25 per US dollar, a 1.21% gain during the pricing window.
Market analysts have credited this rebound to stronger foreign exchange inflows from exports, renewed investor confidence following the fifth IMF review, and improved foreign exchange operations by the Bank of Ghana.
Meanwhile, international crude oil prices dipped by 1.43% to $68.45 per barrel, with finished petroleum products following a similar pattern, petrol down 4.54%, diesel 3.94%, and LPG 3.43%.
However, analysts caution that not all of Ghana’s 200+ OMCs may immediately reflect the full reductions. Some firms reportedly absorbed earlier cost hikes at the start of October and may choose to maintain current prices over the next two weeks rather than adjust further.
SSD/MA
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