Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps in line with industry projections of a significant drop per litre from November 1, 2025.
Market leader Star Oil is now selling a litre of petrol at GH¢11.59, down from GH¢12.77, based on discounted prices at selected service stations across the country.
Diesel has also dropped from GH¢12.97 per litre on October 20 to GH¢12.47.
Another major player, Zen Petroleum, on October 31 reduced its prices — petrol now sells at GH¢11.97 per litre, while diesel goes for GH¢12.17.
Sources say Zen’s prices could remain unchanged for a week before any review.
Several OMCs have told JoyBusiness they plan to implement further price reductions this week, especially among top brands with the largest market share.
Reasons
The Chamber of Oil Marketing Companies (COCM) in its end-of-October market data report projected fuel prices could fall by up to 8% per litre.
This was driven by a drop in global crude oil prices and the cedi’s strong appreciation in October 2025.
Both factors, the report noted, played “an instrumental role in the projected price decreases at the pumps.”
From the October 16 pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar — an 11.22% gain — nearly offsetting the 13.33% depreciation recorded in the third quarter.
Analysts attribute this rebound to the Bank of Ghana’s shift to spot forex sales, which improved market efficiency and dollar liquidity.
On the international front, crude oil prices fell to a five-month low, dropping 6.49% to $62.82 per barrel amid U.S.-China trade tensions and fears of a supply glut in late 2025.
Prices of refined petroleum products also declined — petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
Projected Price Reductions
Petrol is expected to decline by up to 5.21% per litre, bringing pump prices down to around GH¢12.92 from GH¢13.93.
Diesel could fall between 6.03% and 8.13%, to about GH¢13.10 per litre, down from GH¢14.56.
Liquefied Petroleum Gas (LPG) is projected to drop by 6.66%, reaching roughly GH¢13.60 per kilogram.
If all 200-plus OMCs implement these adjustments, this could mark the biggest drop in fuel prices so far in 2025.