The Chamber of Oil Marketing Companies (COoMAC) has released a new outlook report projecting a significant decline in the prices of petroleum products in Ghana starting November 1, 2025. This important report is expected to influence the pricing decisions of over 200 oil marketing companies (OMCs) across the country.
Projected Price Reductions
According to the latest forecasts:
Petrol prices are expected to fall by up to 5.21% per litre, reducing the pump price from around GH¢13.93 to about GH¢12.92.
Diesel is projected to drop even more substantially by between 6.03% and 8.13%, which could bring the price per litre down from GH¢14.56 to approximately GH¢13.10.
Liquefied Petroleum Gas (LPG) prices are also set to decrease by up to 6.66%, lowering the cost per kilogram to nearly GH¢13.60.
If all OMCs adopt these new prices, this reduction would be the largest recorded so far in 2025. Experts in the sector call this a historic event, marking the first time in a long period that petroleum products have experienced a double-digit percentage price drop within a single month.
Timeline for Price Changes
While the official date for the price adjustment is November 1, 2025, some OMCs may begin lowering pump prices as early as this weekend. Others might delay reductions until existing fuel stocks are sold or until they have recalibrated their pumps, likely adjusting prices during the following week.
Factors Driving the Price Drop
COoMAC attributes the anticipated reductions in fuel prices to two main factors:
A sustained decrease in global crude oil prices.
A strong appreciation of the Ghanaian cedi in October 2025.
The report highlights that the cedi gained 11.22% against the US dollar starting from the pricing window on October 16, 2025, moving from GH¢12.63 to GH¢11.21 per dollar. This rise nearly counterbalances the 13.33% decline seen in the third quarter of the year, indicating a resurgence in investor confidence and greater currency stability.
Analysts point out that the Bank of Ghana’s new approach of conducting spot foreign exchange sales has improved market efficiency and increased the availability of US dollars, helping the cedi to rebound.
On the global stage, crude oil prices have plunged to a five-month low of $62.82 per barrel—a 6.49% decrease caused by escalating US-China trade tensions and worries about potential oversupply in the last quarter of 2025. The prices of refined petroleum products such as petrol, diesel, and LPG have also dipped by -3.30%, -2.48%, and -2.35%, respectively.
Market and Economic Impact
The fuel price decline is expected to have several immediate effects:
It might reduce pressure from driver unions who have recently intensified calls for higher transport fares.
Lower fuel prices could help keep Ghana’s inflation rate within single digits in the coming months by reducing the costs of transportation, food, goods, and services.
Ultimately, this will ease the cost of living for millions of Ghanaians nationwide.
This promising outlook signals positive economic relief at the pumps, a welcome development as citizens prepare for the final months of 2025.
Story by: Mercy Addai Turkson #ahotoronline.com