Fuel Prices Projected to Decline as Cedi Strengthens Against US Dollar
Prices of petroleum products at the pumps are expected to drop significantly across the country beginning today, May 16, 2025, following a sharp appreciation of the Ghana cedi against the US dollar and falling international oil prices.
According to the Chamber of Oil Marketing Companies (COMAC), petrol is projected to decline between 6.7% and 8.8% per litre in the second pricing window of May. This would see the commodity retailing at GH₵13.27 per litre or even lower.
Diesel prices are also anticipated to fall within the range of 4% to 6%, which could push pump prices to around GH₵14.40 per litre or less.
Liquefied Petroleum Gas (LPG) is equally expected to see some price relief, with a possible reduction of 5.3%. This would result in LPG being sold at GH₵16 per kilogram if the price reductions are fully implemented by Oil Marketing Companies (OMCs).
COMAC in its pricing outlook attributed the downward adjustment in fuel prices primarily to the cedi’s remarkable appreciation against the greenback in the first half of May.
“Between May 1 and May 15, 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GHS14.27 to GHS12.45, a gain of approximately 12.8%,” stated the chamber.
The Chamber further highlighted that international crude oil prices and prices of refined petroleum products have also seen notable declines within the same period.
In the previous window, petrol dropped marginally by 0.34%, LPG by 2.70%, while gasoil recorded the highest decline of 3.54%.
The sustained decline in fuel prices is expected to provide some relief to consumers and businesses grappling with the rising cost of living.
