Fuel prices in Ghana are set to experience their steepest drop yet at the pumps today, May 16, 2025.
This is according to the latest Pricing Outlook from the Chamber of Oil Marketing Companies (COMAC) for the second pricing window of the month.
Petrol prices are expected to fall by between 6.7% and 8.8% per litre, potentially bringing the cost down to GH₵13.27 from GH₵14.42 or even lower.
Diesel prices are also expected to decline by between 4 and 6% per litre, with the new price estimated at around GH₵14.40 from GH₵15.26 or less.
For Liquefied Petroleum Gas (LPG), a 5.3% reduction could see the price drop to approximately GH₵16 per kilogram.
The Chamber attributes this significant reduction to the strong appreciation of the Ghanaian cedi against the U.S. dollar over the past two weeks.
Between May 1 and May 15, the cedi strengthened from GH₵14.27 to GH₵12.45 to the dollar, representing a gain of roughly 12.8%.
In addition, global crude oil prices and the cost of refined petroleum products have also fallen during the same period.
This latest drop continues a five-window trend of declining fuel prices.
In the last pricing window alone, petrol fell marginally by 0.34%, LPG by 2.7%, and diesel by 3.54%.
In response to the pricing outlook, major Oil Marketing Companies (OMCs) have already adjusted their pump prices.
GOIL, the market leader, has reduced its petrol price to GH₵13.32 per litre and diesel to GH₵13.91, marking its seventh consecutive price cut since February.
Star Oil, Ghana’s second-largest OMC by market share, has also announced new prices effective this morning.
At some Star Oil stations, petrol is now selling for as low as GH₵12.47 per litre, while diesel is going for as little as GH₵13.29 per litre at selected outlets.
Despite the significant fuel price reductions, the Ghana Private Road Transport Union (GPRTU) is yet to announce any corresponding decrease in transport fares.
However, the steady decline in prices still brings much-needed relief to consumers facing rising living costs.