Fuel consumers in Ghana can expect major relief at the pumps starting June 1, 2025. Prices of petrol, diesel, and LPG are set to drop, thanks to the cedi’s recent strong performance against the US dollar.
The Chamber of Oil Marketing Companies (COMAC) released a pricing outlook for the first window of June. It shows that this drop could be the largest fuel price reduction this year.
Expected Price Reductions
Petrol may fall between 3.6% and 7.8% per litre. This could bring prices down to GH¢12.02 or less.
Diesel is projected to drop by 4.2% to 7.8%, lowering the price to around GH¢12.90 or below.
LPG could reduce by 6.3%, with the price reaching GH¢15 per kilogramme, if Oil Marketing Companies adjust accordingly
Why Prices Are Dropping
The reduction is mainly due to the Ghanaian cedi’s appreciation against the US dollar. COMAC attributes the expected cuts to this currency gain.
Cedi’s Recent Performance
Between mid and late May 2025, the cedi strengthened by 13.11%, rising from GH¢13.99 to GH¢12.15 per US dollar. This gain in the interbank market improved its value against major currencies and helped reduce import costs
Crude Oil Trends
Brent crude prices dropped to just above $60 per barrel in April, influenced by increased OPEC+ supply and U.S. tariffs. Since then, market sentiment has improved. Trade agreements between the U.S., U.K., and China have pushed prices to around $64 per barrel.
The U.S. Energy Information Administration (EIA) projects Brent to average $65.85 in 2025. By 2026, the price could drop to $59.24, as global oil production may exceed demand. Factors such as U.S. sanctions and OPEC+ policies will continue to affect pricing.
International Product Price Shifts
During the pricing window:
Crude oil rose by 3.92%
Petrol increased 2.53%
Diesel went up 3.07%
LPG climbed 1.35%
Still, the cedi’s strength has helped offset these increases in Ghana.
OMCs Already Adjusting Prices
Some Oil Marketing Companies have started lowering prices even before the June 1 window. On May 28, 2025, Allied Oil reduced its petrol price to GH¢12.15 per litre and diesel to GH¢13.54.
