Fuel Prices Drop at the Pumps as OMCs Begin November Reductions
Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps, in line with industry projections of a significant decline in ex-pump prices effective November 1, 2025.
Market leader Star Oil has cut its petrol price to GH¢11.59 per litre, down from GH¢12.77, at selected service stations across the country. Diesel has also been reduced from GH¢12.97 to GH¢12.47 per litre.
Similarly, Zen Petroleum has reviewed its prices downward, with petrol now selling at GH¢11.97 per litre and diesel at GH¢12.17 as of October 31. Sources within the company indicate that these prices could remain unchanged for at least a week before any further adjustment.
Several other major OMCs are expected to follow suit this week, especially those with substantial market shares, according to information gathered by NorvanReports.
Drivers of the Price Reduction
The Chamber of Oil Marketing Companies (COCM), in its end-of-October market update, projected fuel price declines of up to 8 percent per litre for the new pricing window, attributing the drop to a combination of lower global crude oil prices and the cedi’s strong appreciation during October.
“Both factors played an instrumental role in the projected price decreases at the pumps,” the Chamber noted.
Between October 16 and October 31, the cedi appreciated from GH¢12.63 to GH¢11.21 per U.S. dollar — an 11.22 percent gain — nearly offsetting the 13.33 percent depreciation recorded in the third quarter of 2025.
Market analysts link this rebound to the Bank of Ghana’s revised forex intervention strategy, which introduced spot-based sales and improved liquidity on the interbank market.
Global Oil Price Movements
On the international market, crude oil prices fell to a five-month low of US$62.82 per barrel, representing a 6.49 percent decline amid renewed U.S.-China trade tensions and growing concerns about an oversupplied market.
Prices of refined petroleum products also dropped, with petrol down by 3.30 percent, diesel by 2.48 percent, and liquefied petroleum gas (LPG) by 2.35 percent.
Industry Outlook and Projections
Based on current trends, petrol prices are projected to fall by up to 5.21 percent per litre — from an average of GH¢13.93 to about GH¢12.92. Diesel prices could drop between 6.03 and 8.13 percent to around GH¢13.10 per litre, while LPG prices are expected to decline by 6.66 percent to approximately GH¢13.60 per kilogram.
If all 200-plus licensed OMCs implement these adjustments, the development would represent the most significant drop in retail fuel prices recorded so far in 2025.
