Some oil marketing companies (OMC) have started reducing prices of fuel at the pumps effective March 18, 2025.
GOIL is now selling a litre of petrol for GH₵14.99 while diesel is going for GH₵15.42.
Star Oil has reduced its price of petrol to GH₵14.37 and diesel GH₵15.67.
TotalEnergies has reduced the price of a litre of petrol from GH₵15.79 to GH₵15.49
Diesel on the other hand has also been reduced from GH₵15.79 to GH₵15.49.
COPEC unhappy with OMCs
Earlier, the Chamber of Petroleum Consumers (COPEC) accused Oil Marketing Companies (OMCs) of deliberately exploiting consumers by failing to implement the full extent of mandated fuel price reductions.
According to COPEC, petrol, diesel, and liquefied petroleum gas (LPG) prices were expected to drop by 4.5%, 3.8%, and 3.9%, respectively, by March 16, 2025.
However, while some companies have made minor adjustments, many have not met the expected reductions, leaving prices artificially high and frustrating consumers.
COPEC’s Executive Secretary, Duncan Amoah, condemned the OMCs’ actions, accusing them of undermining the deregulation programme.
“This is a worrying trend that defeats the purpose of deregulation. When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favour reductions, they delay. The highest reduction we have recorded so far is only 2.2%, whereas consumers should have seen cuts between 3% and 7%. As of now, that has not happened,” he stated.
He urged the regulators to ensure that OMCs fully comply with the expected price reductions to prevent undue hardship on consumers.
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