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Fuel prices in Ghana have dropped again for the second time this week, as major Oil Marketing Companies (OMCs) engage in an intense price war during the second pricing window of June.
According to Puretvonline, the latest round of price reductions is being driven not by global oil trends but by fierce competition among leading players seeking to expand or maintain their market share.
Market leader Star Oil announced on June 19, 2025, that it had cut the price of petrol from GH₵10.99 to GH₵10.80 per litre, while diesel dropped from GH₵12.77 to GH₵12.13.
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Similarly, Allied Oil has reduced its petrol price from GH₵10.97 on June 16 to GH₵10.75, effective June 20.
Zen Petroleum has also matched this with petrol selling at GH₵10.75 per litre.
However, diesel prices have edged up slightly since June 16, though the cause of this marginal rise remains unclear.
The Price Deregulation Policy, introduced by the government in 2015, was intended to allow market forces—especially competition—to drive down prices. The current wave of price cuts is being cited by analysts as evidence that deregulation is working, even in the face of volatile global markets.
Despite the relief at the pumps, OMCs are warning of a potential price surge starting July 1, 2025, if the ongoing Israel-Iran conflict in the Middle East continues to escalate.
The war has already pushed crude oil prices up by over 15%, from $66 to around $76 per barrel.
On the other hand, industry analysts argue that a strengthening Ghana cedi could offset a portion of the anticipated rise in global oil prices, potentially cushioning local consumers from the full impact.
Over the past few weeks, the cedi’s strong performance has played a pivotal role in helping bring fuel prices down—more than six times in recent months, according to industry data.
As July approaches, all eyes are on both the Middle East conflict and the foreign exchange market, which could either preserve current price relief or reverse it swiftly.
Ghanaians are urged to monitor pump prices closely as the geopolitical and economic dynamics continue to shift.
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