Fuel prices drop as OMCs respond to market trends
Oil Marketing Companies (OMCs) have started reducing fuel prices at the pumps following industry projections of a more than 4% per litre decrease beginning October 16, 2025.
Star Oil, the market leader, has lowered its petrol price to GH¢12.77 per litre, down from GH¢13.17.
Diesel has also dropped from GH¢13.45 on September 30 to GH¢12.97 per litre as of October 20.
GOIL, the second-largest player, now sells petrol at GH¢12.98, down from GH¢13.38, while diesel has been reduced to GH¢13.85 from GH¢14.20.
On October 17, Petrosol also adjusted its prices, offering petrol at GH¢13.48 and diesel at GH¢14.18 per litre.
More OMCs are expected to implement price cuts this week, especially the larger companies with significant market share.
According to the Chamber of Oil Marketing Companies, the over 4% drop in fuel prices is mainly due to a decline in global crude oil prices and the recent appreciation of the Ghana cedi.
The Chamber noted that during the current pricing window, the cedi strengthened from GH¢12.40 to GH¢12.25 per US dollar, a 1.21% appreciation.
This rebound is attributed to stronger forex inflows from commodity exports, renewed investor confidence after the Fifth IMF Review, and improved central bank operations.
Meanwhile, international crude oil prices dropped by 1.43% to $68.45 per barrel, with similar declines in refined petroleum products: petrol fell 4.54%, diesel 3.94%, and LPG 3.43%.
However, not all of Ghana’s 200+ OMCs may fully reflect the price reductions.
Some companies had earlier absorbed rising costs from October 1 and may maintain current pump prices for the next two weeks.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), welcomed the reductions, noting they could help prevent potential transport fare increases.
Fare hikes had been proposed due to previous fuel price spikes in August and September.
He also praised OMCs that kept prices stable despite market conditions allowing for increases.
“We believe these efforts will help ease the cost of living,” Mr Amoah said.