Oil Marketing Companies (OMCs) across Ghana have begun reducing prices of petroleum products at the pumps, in line with projections issued late last month. The new pricing regime, which took effect on June 1, 2025, is expected to last for the next two weeks and comes as a welcome relief to many consumers.
Market leader Star Oil has taken the lead with a significant adjustment, slashing the price of petrol from GH¢12.99 to GH¢11.77 per litre. Diesel has also seen a notable reduction, moving from GH¢13.99 to GH¢12.49. GOIL, another major player in the sector, has similarly revised its prices. Petrol at GOIL outlets has dropped from GH¢13.27 to GH¢12.52, while diesel now sells at GH¢12.98, down from its previous price of GH¢13.27.
Allied Petroleum, which adjusted its prices ahead of the general market shift, is currently offering petrol at GH¢12.15 per litre and diesel at GH¢13.35. These reductions are part of a broader trend expected to continue across the industry, as more OMCs confirmed to Joy Business their intention to adjust pump prices starting today, June 2.
The Chamber of Oil Marketing Companies has clarified that this round of reductions is primarily driven by the strengthening of the Ghanaian cedi against the U.S. dollar. According to the Chamber’s Price Outlook Report, while international crude oil and refined petroleum product prices have seen marginal increases, the appreciation of the cedi has had a greater impact on local pricing structures.
In the second half of May 2025 alone, the cedi appreciated significantly, moving from GH¢13.99 to GH¢12.15 per dollar. This represents an approximate gain of 13.11 percent, making fuel imports relatively cheaper and creating the space for a reduction at the pump.
The crude oil market has also seen some positive developments. Brent crude, which fell to just above $60 per barrel in April 2024 due to rising U.S. tariffs and increased OPEC+ output, has stabilized around $64 per barrel. Improved global sentiment, largely stemming from a new U.S.-UK trade agreement and a temporary 90-day accord between the U.S. and China, has helped steady prices.
Looking ahead, the U.S. Energy Information Administration (EIA) projects that Brent crude could average $65.85 per barrel in 2025 before declining to about $59.24 in 2026, as global oil production is expected to exceed demand.