Prices of petrol and diesel have begun reducing at the pumps in line with industry data projecting a drop of more than 4% per litre from October 16, 2025.
Oil Marketing Companies (OMCs) have thus begun selling their products at reduced prices.
Star Oil is now selling a litre of petrol at GH¢12.77, down from the previous price of GH¢13.17 per litre.
Diesel has also been reduced from GH¢13.45 per litre on September 30, 2025, to GH¢12.97 on October 20, 2025.
GOIL, has also announced a downward adjustment in prices, selling petrol at GH¢12.98 per litre from the old price of GH¢13.38.
Diesel is now selling at GH¢13.85, compared to the previous price of GH¢14.20.
Another OMC, Petrosol, on October 17, 2025, announced that it had reduced the price of petrol to GH¢13.48 per litre, while diesel is going for GH¢14.18.
According to the Chamber of Oil Marketing Companies, the more than 4% reduction in fuel prices has been influenced by two main factors: a decline in global crude oil prices and the recent appreciation of the Ghana cedi.
The chamber in its market report, noted that during the pricing window under review, the cedi appreciated from GH¢12.40 to GH¢12.25 per US dollar, representing a 1.21% gain.
Market analysts attribute the rebound to stronger foreign exchange inflows from commodity exports, renewed investor confidence following the Fifth IMF Review, and improved market operations by the Bank of Ghana.
Crude oil prices on the international market also declined by 1.43% to $68.45 per barrel. Prices of finished petroleum products followed a similar trend, with petrol dropping by 4.54%, diesel by 3.94%, and LPG by 3.43%.
Despite the projected reductions, some market watchers caution that not all of the over 200 OMCs may reflect the full decreases at the pumps since some companies reportedly absorbed earlier cost increases from October 1, 2025.
Meanwhile, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has noted that the latest round of reductions could help avert a potential increase in transport fares.
He commended OMCs that maintained stable prices even when industry data indicated they could have raised them.
“We believe that all these efforts will go a long way to reduce the cost of living,” said Mr. Amoah.
A Business Desk Report