Prices of the petroleum products are set to witness the biggest drop at the pumps today May 16, 2025.
This is according to the Chamber of Oil Marketing Companies (COMAC) Pricing Outlook for the second pricing window for the month of May 2025.
Price quotes for various products
According to the pricing guidelines for the window, petrol is expected to go down between 6.7 percent and 8.8 percent per liter from today.
By this, a litre could be sold for GH₵13.27 or even lower.
Diesel on the other hand should be reduced by 4 percent or 6 percent per litre.
This could result in a litre going for GH₵ 14.40 or even lower.
Liquefied Petroleum Gas is likely to sell for GH₵16 per kilogram if the various Oil Marketing Companies adjust their prices by 5.3 percent.
Reasons for the reduction
The chamber has attributed the reason for the sharp drop in prices to the cedi’s record appreciation against the U.S dollar.
The chamber in its report notes that “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%”.
Crude oil prices and prices of finished petroleum products have also witnessed some significant decline during the period under review.
Fuel prices have witnessed a downward trend for the 5 consecutive window.
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%.
Oil Marketing Companies responding
Market leader GOIL has announced a reduction in prices of the various products at its service 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.
However, the Ghana Private Road Transport Union (GPRTU) has argued that the reductions are not enough to reduce transport fares.
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