The prices of petroleum products are expected to witness one of the biggest drops at the pumps this year.
This is due to the appreciation of the cedi against the dollar.
According to the latest Chamber of Oil Marketing Companies (COMAC) pricing outlook for the first pricing window of June 2025, fuel prices will fall heavily beginning June 1, 2025.
Price Quotes for Petroleum Products
Petrol is expected to go down between 3.6% and 7.8% per liter from June 1, 2025, according to the price guideline from COMAC.
This means that a liter of petrol could be sold for GH¢12.02 or even lower.
On the other hand, diesel should go down by 4.2% to 7.8% per litre. Consequently, a litre would go for GH¢12.90 or even lower than what the pricing outlook has projected.
LPG is likely to be sold at GH¢15 per kilogramme if the various Oil Marketing Companies do adjust their prices by 6.3% per kiogramme.
Reasons for Reduction
According to the Chamber of Oil Marketing Companies, the reduction is purely due to the cedi’s sustained appreciation against the US dollar during the period
Cedi’s Impact
In the second half of May 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GH¢13.99 to GH¢12.15, a gain of approximately 13.11%.
The cedi has continued its impressive run on the interbank market, registering substantial gains against major trading currencies, particularly the US dollar.
Crude Oil Market Development
The Chamber maintains that Brent crude prices are recovering after dropping to just over $60 per barrel in April due to rising U.S. tariffs and increased OPEC+ supply.
Improved market sentiment, driven by the U.S.-UK trade deal and a 90-day accord with China, has helped stabilize prices around $64 per barrel.
Looking ahead, the EIA forecasts Brent crude could average $65.85 in 2025 and decline to $59.24 in 2026, as global oil production is expected to outpace demand.
Geopolitical factors, including U.S. sanctions and OPEC+ policy decisions, may also influence future prices.
Crude Price Outlook
For the pricing window, crude oil prices increased by 3.92%. In line with this, all international product prices also increased.
Petrol prices rose marginally by 2.53%, LPG increased by 1.35%, while Diesel recorded a high increment, rising by 3.07%
Response By Oil Marketing Companies
Some of the Oil Marketing Companies have already started reducing prices at the pumps even before the June 1, 2025, expected date.
One of the industry giants, Allied Oil, on 28th June 2025, announced a reduction in prices of petroleum products.
Petrol sold at GH¢12.15 pesewas and diesel at GH¢13.54.
