Fuel prices are expected to drop drastically at the pumps today, May 16, 2025, according to the Chamber of Oil Marketing Companies (COMAC) Pricing Outlook for the second pricing window for the month of May 2025.
The pricing guidelines for the window shows that petrol is expected to drop between 6.7 per cent and 8.8 per cent per
litre from today. This means that a litre of petrol could be sold for GH₵13.27 or even lower.
On the other hand, diesel price is expected to fall between 4 per cent or 6 per cent per litre. With this, a litre is expected to go GH₵ 14.40 or even lower.
Liquefied Petroleum Gas (LPG) will likely sell at GH₵16 per kilogram with an expected reduction by 5.3 per cent.
According to the Chamber, the record appreciation of the cedi against the U.S. dollar has resulted in the sharp drop in prices.
“Between May 1 and May 15, 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GHS14.27 to GHS12.45, a gain of approximately 12.8%,” portions of the Chamber’s report contained.
During the period under review, crude oil prices and that of finished petroleum products have also reduced. Fuel prices have witnessed a downward trend for the last 5 consecutive windows.
Price of petrol prices fell marginally by 0.34%, LPG dropped by 2.70%, while gasoil recorded the highest decline among the products, falling by 3.54%.
Meanwhile, the Oil Marketing Companies (OMCs) have responded to the price drop. GOIL, market leaders, has announced a reduction of prices at its stations across the country.
Petrol is going for GH₵13.32 per litre. Diesel is selling at GH₵13.91.
GOIL’s adjustment shows the 7th consecutive time the company has reduced prices since February 2025.
Star Oil, the second biggest Oil Marketing Company, according to industry data for last year, has also announced a reduction in prices of petroleum products effective 8am on May 16, 2025 .
Petrol is selling at GH₵12.57. Some of their stations are selling a litre for GH₵12.47.
Diesel is going for GH₵13.49. Star Oil, however, says some of their service stations will sell the diesel for GH₵13.29 per litre at a discounted price.
However, the Ghana Private Road Transport Union (GPRTU) has argued that the reductions are not enough to reduce transport fares.
Rising Fuel Prices: A growing concern for drivers and commuters
