Following successful negotiations between transport operators and the Ministry of Transport, transport fares will be reduced by 15% effective Saturday, May 24, 2025.
The adjustment in fares is a response to the latest economic changes, particularly the steady strengthening of the cedi against the US dollar, which has led to a significant decline in 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.
This fare adjustment follows a directive from the Abossey Okai Spare Parts Dealers Association urging its members to reduce auto parts prices in response to the improved exchange rate.
Abass Imoro, the Industrial Relations Officer for the Ghana Private Road Transport Union (GPRTU), confirmed the reduction in fares in an interview.
He described this change as a timely response to current market trends, aimed at easing the financial burden on commuters.
“We have finally agreed to reduce lorry fares by 15%, but it will take effect from Saturday. Although currently, spare parts sellers have promised to reduce some of their prices for now, which hasn’t taken effect, and none of the lubricants which went up has been reduced currently, but we decided to peg the reduction at 15%, ” he noted in an interview with Citi News.
Currently, 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 since May 16, 2025.
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.