Consumers are set to enjoy one of the biggest reductions in fuel prices this year, thanks to a strong appreciation of the cedi against the US dollar.
According to the Chamber of Oil Marketing Companies (COMAC), prices of petroleum products will see significant cuts beginning Sunday, June 1, 2025, during the first pricing window of the month.
COMAC projects that petrol prices will fall between 3.6% and 7.8% per litre, potentially bringing the average pump price down to GH¢12.02 or even lower.
Diesel prices are expected to decline by 4.2% to 7.8%, with a litre likely to sell at around GH¢12.90 or below.
Liquefied Petroleum Gas (LPG) may also see a notable reduction.
If Oil Marketing Companies (OMCs) apply the anticipated 6.3% price cut, LPG could be sold at approximately GH¢15 per kilogram.
COMAC attributes the projected reductions primarily to the Ghanaian cedi’s sustained appreciation against the US dollar.
Between mid and late May 2025, the cedi gained over 13% in value, strengthening from GH¢13.99 to GH¢12.15 on the interbank market.
This appreciation has made fuel imports cheaper, translating into potential savings at the pump for consumers.
COMAC also highlighted recent developments in the international crude oil market.
Brent crude prices, which dropped to just over $60 per barrel in April due to increased OPEC+ supply and U.S. tariffs, have now stabilized around $64 per barrel.
This recovery is being supported by improved global trade sentiment, including a new U.S.-UK trade deal and a 90-day agreement with China.
The U.S. Energy Information Administration (EIA) forecasts Brent crude to average $65.85 in 2025, before falling to $59.24 in 2026 as supply is expected to outpace demand.
However, geopolitical developments and OPEC+ policy shifts may influence price dynamics in the months ahead.
For this pricing window, crude oil prices rose by 3.92%, with international product prices also increasing slightly, petrol by 2.53%, LPG by 1.35%, and diesel by 3.07%.
Even before the official window opens, some OMCs have begun reducing prices. Allied Oil, for instance, adjusted its pump prices on May 28, with petrol selling at GH¢12.15 and diesel at GH¢13.54 per litre.
If the trend continues, consumers nationwide can expect further relief at the pumps in the coming days.
