Oil Marketing Companies (OMCs) are expected to begin raising fuel prices at the pumps starting today, November 17. This change follows the standard bi-weekly review based on petroleum product prices and outlook data from the Chamber of Oil Marketing Companies (COPEC), which indicates a possible increase of 1% to 4% per litre across various fuel types.
Some OMCs plan to adjust prices immediately, while others will wait to gauge market competition before making changes.
Reasons for the Price Increase
The anticipated increases are mainly driven by rising crude oil prices globally. Crude oil prices increased by 2.95% in mid-November 2025—from $62.82 to $64.67 per barrel—due to global tariff tensions, the U.S. government shutdown, and new sanctions on Russian oil.
As a result, major petroleum products also saw significant increases:
Petrol: up by 3.85%
Diesel: surged by 12%
LPG: increased by 6.97%
Despite recent cedi appreciation, the currency gains were insufficient to counteract the upward movement in fuel prices. Some OMCs mentioned that without the cedi’s strengthening, prices could have risen even more sharply.
According to COPEC’s report, during the review period starting November 16, the cedi appreciated from GH¢11.12 to GH¢10.94—around 1.57%. Meanwhile, Databank Research indicates ongoing pressure on the cedi from tightened foreign exchange supply, despite expected IMF inflows of $300 million in December, improved investor sentiment, and the Bank of Ghana possibly reducing forex market support.
Forecasted Price Adjustments
Industry data projects:
Petrol could rise between 1.18% and 3.54%, potentially reaching GH¢13.15 per litre.
LPG prices might increase between 1.32% and 3.53%.
Diesel could go up by as much as 3.82%, possibly reaching GH¢13.60 per litre.
Additionally, during the November 2025 review, some firms reduced prices by as much as 12%, 7%, and 4%, averaging about 6.96%. This suggests Ghana experienced one of the largest petrol price drops this year, reflecting recent market volatility.
Story by: Mercy Addai Turkson #ahotoronline.com