COMAC Projects Significant Reduction in Petrol, Diesel and LPG Prices
Prices of petroleum products at the pumps are expected to record one of the biggest drops in 2025, beginning the first pricing window of June, largely driven by the appreciation of the Ghanaian cedi against the US dollar.
This is according to the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC), which forecasts sharp reductions in the prices of petrol, diesel, and liquefied petroleum gas (LPG) at retail outlets across the country.
Projected Fuel Price Reductions
Per COMAC’s projections, petrol prices are expected to decline between 3.6% and 7.8% per litre, potentially bringing the average retail price to as low as GH¢12.02 per litre.
Diesel prices are also expected to fall within the range of 4.2% to 7.8% per litre, with the price per litre projected at GH¢12.90 or lower.
LPG, on the other hand, could see a price drop of 6.3% per kilogramme, translating to an average retail price of around GH¢15.00 per kilogramme, assuming Oil Marketing Companies (OMCs) fully adjust their pricing.
Drivers of the Price Decline
COMAC attributes the expected reductions primarily to the recent appreciation of the cedi against the dollar, which has helped ease the cost of petroleum imports.
Between mid- and end-May 2025, the local currency gained approximately 13.11% against the US dollar, appreciating from GH¢13.99 to GH¢12.15. The cedi’s consistent performance on the interbank market has strengthened confidence in its near-term stability, helping reduce import costs for fuel products.
Developments in the Crude Oil Market
Despite the reduction in domestic fuel prices, COMAC notes that international crude and refined product prices have seen marginal increases in the recent pricing window.
Brent crude, which dipped to just over $60 per barrel in April due to increased OPEC+ output and US tariffs, has recovered slightly, buoyed by improved global trade sentiment and the recent US-UK trade deal as well as a 90-day trade accord with China. These developments have helped stabilize prices around $64 per barrel.
According to the US Energy Information Administration (EIA), Brent crude is forecast to average $65.85 in 2025, but could decline to $59.24 in 2026, as global production continues to outpace demand. COMAC, however, warns that geopolitical tensions and OPEC+ policy shifts could yet cause volatility in the market.
During the current pricing window, international market prices for refined products recorded mixed movements: petrol rose by 2.53%, LPG by 1.35%, and diesel by 3.07%. Crude oil itself saw a 3.92% increase.
Industry Reaction
Some Oil Marketing Companies have already taken the lead in adjusting their pump prices ahead of the June 1 window. Allied Oil, a major player in the downstream sector, slashed its prices on May 28, 2025, with petrol going for GH¢12.15 and diesel selling at GH¢13.54 per litre.
Other OMCs are expected to follow suit in the coming days, passing on the benefits of the cedi’s appreciation to consumers.
