Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps in line with industry projections that anticipated a significant drop per litre from November 1, 2025.
Market leader Star Oil is now selling a litre of petrol at GH¢11.59 at selected stations nationwide, down from GH¢12.77. Diesel has also been reduced from GH¢12.97 per litre on October 20, 2025, to GH¢12.47.
Another major player has also dropped prices, with petrol now selling at GH¢11.97 and diesel going for GH¢12.17. Prices at Zen Petroleum are expected to remain stable for at least a week before any review.
More OMCs have told JoyBusiness they will implement further price reductions this week, particularly among top players with the largest market share.
Reasons
The Chamber of Oil Marketing Companies, in its end-of-October market report, noted that fuel prices could fall by up to 8% per litre. This, it said, was influenced by a drop in global crude oil prices and the strong appreciation of the cedi in October 2025.
Both factors “played an instrumental role in the projected price decreases at the pumps,” the report stated. From the October 16, 2025, pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar—an 11.22% gain.
This rebound nearly offsets the 13.33% depreciation recorded in the third quarter, signalling renewed investor confidence and improved currency stability.
Analysts attribute the cedi’s rally to the Bank of Ghana’s shift to spot forex sales, which enhanced market efficiency and dollar liquidity.
On the international market, crude oil prices fell to a five-month low, dropping sharply by 6.49% to $62.82 per barrel due to escalating U.S.-China trade tensions and fears of a supply glut in late 2025.
Prices of finished petroleum products also declined, with petrol, diesel, and LPG recording respective drops of -3.30%, -2.48%, and -2.35%.
Projected Price Reductions
Petrol is expected to decline by up to 5.21% per litre, bringing the pump price down to about GH¢12.92 from the previous GH¢13.93 quoted by some OMCs.
Diesel could fall between 6.03% and 8.13%, resulting in a litre being sold at around GH¢13.10, down from GH¢14.56.
Liquefied Petroleum Gas (LPG) is projected to decrease by up to 6.66%, bringing the price per kilogram to about GH¢13.60.
If all 200-plus OMCs apply these reductions, this could mark the biggest drop in fuel prices so far in 2025.
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