Some Oil Marketing Companies (OMCs) have started lowering fuel prices at pumps, following industry forecasts of a significant price drop from November 1, 2025.
Market leader Star Oil now sells a litre of petrol at GH¢11.59, reduced from GH¢12.77, based on discounted rates at selected service stations nationwide. Diesel prices have also fallen, from GH¢12.97 per litre on October 20 to GH¢12.47.
Another major firm, Zen Petroleum, cut its prices on October 31 — petrol costs GH¢11.97 per litre, while diesel is GH¢12.17. Sources indicate Zen’s prices may hold steady for about a week before any changes.
Several OMCs said that they plan further price cuts this week, especially among top brands with the largest market shares.
Reasons for price reductions
The Chamber of Oil Marketing Companies (COCM), in its late October market data report, projected fuel prices could fall by up to 8% per litre. This projection was driven by a drop in global crude oil prices and a strong appreciation of the cedi in October 2025.
The report highlighted both factors as “instrumental” in the forecasted pump price decreases.
From the October 16 pricing window, the cedi strengthened from GH¢12.63 to GH¢11.21 per dollar — an 11.22% gain that nearly offset the 13.33% depreciation recorded in Q3
Analysts link this recovery to the Bank of Ghana’s move to spot forex sales, which enhanced market efficiency and dollar liquidity.
Internationally, crude oil prices hit a five-month low, dropping 6.49% to $62.82 per barrel amid “worries over a supply glut “2025. Prices for refined petroleum products also declined — petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
Projected future price drops
Petrol is forecasted to decrease by up to 5.21% per litre, lowering pump prices to about GH¢12.92 from GH¢13.93.
Diesel could fall between 6.03% and 8.13%, reaching approximately GH¢13.10 per litre, down from GH¢14.56.
Liquefied Petroleum Gas (LPG) is expected to drop by 6.66%, roughly to GH¢13.60 per kilogram.
If all 200-plus OMCs implement these reductions, this would represent the largest fuel price decline in 2025 so far.
Story by: Mercy Addai Turkson #ahotoronline.com