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Fuel Prices Set for Sharp Drop from November 1
Ghanaians are poised for significant relief at fuel pumps beginning November 1, 2025, as the Chamber of Oil Marketing Companies (COoMAC) projects a major decline in the prices of petroleum products, marking one of the most substantial price cuts in recent years.
According to COoMAC’s latest market outlook report, petrol, diesel, and liquefied petroleum gas (LPG) are all expected to record sharp reductions, driven by falling global crude oil prices and the appreciation of the Ghanaian cedi against the US dollar.
Per the Chamber’s projections, petrol prices could fall by up to 5.21% per litre, bringing the average pump price to around GH¢12.92, down from the current GH¢13.93 quoted by most oil marketing companies (OMCs).
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Diesel, which has seen persistent price hikes in recent months, is expected to experience an even steeper decline—between 6.03% and 8.13%—pushing prices down to about GH¢13.10 per litre, compared to GH¢14.56 previously.
For Liquefied Petroleum Gas (LPG), the Chamber forecasts a 6.66% drop, with the price per kilogram expected to fall to GH¢13.60.
If implemented by all 200-plus OMCs nationwide, this adjustment would represent the biggest fuel price reduction of 2025 and the first double-digit percentage decline within a single month in several years—an event described by market analysts as “historic”.
The COoMAC report attributes the projected price relief to two major factors: a decline in global crude oil prices and a strong rebound of the cedi in October.
Crude oil prices tumbled to a five-month low, falling by 6.49% to $62.82 per barrel, amid escalating US-China trade tensions and fears of a supply glut in the final quarter of the year.
Prices of refined petroleum products also declined globally—petrol (-3.30%), diesel (-2.48%), and LPG (-2.35%)—reflecting weak international demand and increased refinery output.
Meanwhile, on the local front, the cedi appreciated by 11.22%, rising from GH¢12.63 to GH¢11.21 per US dollar between the October 16 pricing window and the end of the month.
This appreciation, COoMAC noted, nearly offsets the 13.33% depreciation recorded during the third quarter, signalling renewed investor confidence and improved currency stability.
Some analysts attribute the currency’s resurgence to the Bank of Ghana’s decision to shift to spot forex sales, which has enhanced market efficiency and boosted dollar liquidity in the financial sector.
The expected price cuts could have far-reaching effects across the economy, easing the pressure on transport operators, consumers, and businesses alike.
The development is expected to dampen calls from driver unions pushing for transport fare increases, which have been a major concern in recent weeks.
Economists also anticipate that the reductions will help stabilise inflation, potentially bringing it closer to single digits as fuel cost declines ripple through the supply chain—reducing the prices of goods, food, and services.
“This reduction, if sustained, could significantly lower inflationary pressures and provide much-needed relief to households and businesses,” said an economist familiar with the report.
While the official pricing window opens on November 1, industry sources suggest that some OMCs may begin adjusting their prices this weekend, ahead of the formal review. Others are expected to wait to exhaust existing stock or recalibrate their pumps before announcing new prices next week.
The latest development marks a welcome respite for consumers who have endured months of high fuel costs driven by exchange rate volatility and global price hikes.
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