Fuel Prices Adjust Across Pumps as Cedi Depreciation Offsets Global Oil Decline
Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pumps in line with industry projections, with mixed changes in petrol and diesel prices.
At Goil, petrol is now selling at GH¢12.90 per litre, up from GH¢12.88, while diesel has been reduced from GH¢14.30 to GH¢13.90. Shell, meanwhile, has raised its petrol price to GH¢13.59 per litre, compared to the previous GH¢12.89.
Market leader Star Oil, however, says its prices will remain unchanged until September 15, 2025. It currently sells petrol at GH¢12.77 per litre and diesel at GH¢13.35.
The adjustments follow earlier guidance from the Chamber of Oil Marketing Companies (COMC), which last Friday projected petrol prices to rise between 3.86% and 5.40% per litre in September, with a possible increase to GH¢13.67.
Diesel was also projected to climb by 3.39% to GH¢14.35 per litre, while LPG was expected to rise by as much as 4.57% per kilogram.
Chief Executive of the COMC, Dr Riverson Oppong, noted that some firms had revised downwards the expected margin of increase, citing competitive pressures.
The Chamber attributed the upward pressure on prices largely to the cedi’s depreciation against the US dollar, which fell from GH¢10.71 to GH¢11.20 in the past month — a 3.98% drop, the steepest since the beginning of the year.
This comes despite a decline in global crude oil prices, with petrol falling 0.45%, diesel 3.73%, and LPG 1.73%. Industry players also argue that the new one-cedi levy on petroleum products has added to pump prices.
