Fuel prices to fall significantly from June 1, 2025

It is anticipated that one of the largest declines in petrol prices would occur this year.
The cedi’s increase in value relative to the dollar is the cause of this.

The most recent Chamber of Oil Marketing Companies (COMAC) pricing projection for the first June 2025 pricing window predicts a significant decline in fuel prices starting on June 1, 2025.

Price Quotes for Petroleum Products

COMAC’s price guideline predicts that gasoline prices will drop by 3.6% to 7.8% per litre starting on June 1, 2025.
Accordingly, a litre of gasoline might sell for GH¢12.02 or less.
Conversely, diesel should decrease by 4.2% to 7.8% per litre. A litre will therefore cost GH¢12.90 or less than what the pricing projection has predicted.

If the several Oil Marketing Companies actually raise their prices by 6.3% per kilogramme, LPG will probably be marketed for GH15.

Reasons for Reduction

The Chamber of Oil Marketing Companies claims that the decline is solely attributable to the cedi’s consistent increase in value relative to the US dollar over that time frame.

The Effect of Cedi

The Ghanaian cedi strengthened from GH¢13.99 to GH¢12.15, or a gain of almost 13.11%, against the US dollar in the second half of May 2025.

With significant gains versus major trade currencies, especially the US dollar, the cedi has maintained its remarkable run in the interbank market.

Development of the Crude Oil Market

According to the Chamber, rising U.S. tariffs and greater supply from OPEC+ are to blame for the recovery of Brent crude prices, which fell to just over $60 per barrel in April.

Prices have stabilised around $64 per barrel because to improved market optimism brought on both the U.S.-UK trade deal and a 90-day agreement with China.

As global oil supply is predicted to surpass demand, the EIA projects that Brent crude might average $65.85 in 2025 and drop to $59.24 in 2026.
Future prices may also be impacted by geopolitical events, such as OPEC+ policy moves and U.S. sanctions.

Outlook for Crude Prices

Crude oil prices rose 3.92% during the pricing window. The prices of all foreign products went up in tandem with this.

Diesel had a large increase of 3.07%, LPG grew by 1.35%, while petrol prices increased slightly by 2.53%.

Oil Marketing Companies’ Reaction

Even before the anticipated date of June 1, 2025, certain oil marketing companies had already begun to lower prices at the pump.

On June 28, 2025, Allied Oil, one of the major players in the sector, declared that the pricing of petroleum goods will be lowered.

Diesel was sold at GH13.54 and petrol for GH12.15 pesewas.