Ghanaians can anticipate a significant decrease in fuel prices at the pumps starting November 1, 2025, as indicated by the latest outlook report from the Chamber of Oil Marketing Companies (COMAC), which informs pricing strategies for oil marketers across the country.
Projected Reductions
Petrol: Expected to decline by as much as 5.21%, resulting in pump prices falling to approximately GH¢12.92 per litre, down from the previous GH¢13.93.
Diesel: Anticipated to reduce by between 6.03% and 8.13%, bringing the litre price down to around GH¢13.10 from GH¢14.56.
Liquefied Petroleum Gas (LPG): May decrease by up to 6.66%, lowering prices to about GH¢13.60 per kilogram.
If these changes are implemented across all 200-plus oil marketing companies, it would mark the most substantial fuel price reduction in Ghana for 2025 — a rare event, as petroleum products typically do not see such considerable declines within a single pricing period.
Some companies are expected to implement the new prices as soon as this weekend, while others might delay until they have depleted existing stock or recalibrated their pumps, introducing the reductions later next week.
Reasons for Price Declines
COMAC attributes the anticipated reductions to falling global crude oil prices and the strong appreciation of the cedi in October.
The cedi appreciated from GH¢12.63 to GH¢11.21 per dollar during the pricing window on October 16 — an 11.22% increase, nearly counterbalancing the 13.33% depreciation observed in the third quarter of the year. Analysts attribute this rebound to the Bank of Ghana’s transition to spot forex sales, which has enhanced market efficiency and dollar liquidity.
In addition, international crude oil prices have dropped to a five-month low of $62.82 per barrel, reflecting a 6.49% decrease influenced by rising US-China trade tensions and concerns over a potential supply surplus later in the year.
Prices of refined petroleum products have also decreased, with petrol, diesel, and LPG falling by 3.30%, 2.48%, and 2.35%, respectively.
Market Implications
The anticipated reductions are likely to alleviate transportation expenses and may put an end to the current negotiations by driver unions regarding fare hikes. Economists predict that decreased fuel prices could assist in controlling inflation, as lower transportation costs frequently result in diminished prices for food, products, and services — ultimately reducing the cost of living for consumers.
