Ghana is poised to experience one of the most significant drops in petroleum product prices at the pumps this year, effective today, June 2, 2025.
The Chamber of Oil Marketing Companies (COMAC) has projected a substantial reduction in fuel prices, primarily attributed to the Ghanaian cedi’s strong appreciation against the US dollar.
According to COMAC’s latest pricing outlook for the first pricing window of June 2025, petrol prices are expected to fall by between 3.6% and 7.8% per litre.
This adjustment could see petrol retailing at GH¢12.02 or even lower per litre.
Diesel prices are also forecasted to decrease by 4.2% to 7.8%, potentially bringing the price down to GH¢12.90 or below per litre.
Additionally, liquefied petroleum gas (LPG) prices may drop by approximately 6.3% per kilogramme, with prices expected to hover around GH¢15 per kilogramme if Oil Marketing Companies align their pricing accordingly.
The price reductions are mainly due to the cedi’s sustained appreciation against the US dollar.
In the latter half of May 2025, the cedi strengthened significantly from GH¢13.99 to GH¢12.15 against the dollar, marking a gain of about 13.11%.
This currency appreciation reduces the cost of importing petroleum products, thus enabling lower pump prices.
Moreover, global crude oil prices have been on a downward trajectory, further supporting the reduction in local fuel prices.
The international oil market is currently in backward, a condition where oil prices are expected to continue falling, leading traders to purchase only immediate needs and reducing pressure on the dollar demand.
Crude oil prices have dropped from over $75 per barrel in late 2024 to around $60 per barrel in May 2025, a decline of approximately 25% within five months.
The Chamber of Oil Marketing Companies emphasizes that the fuel price adjustments reflect market realities, including forex stability and declining benchmark crude oil prices.
Source: www.kumasimasimail.com /Kwadwo Owusu
