OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices
Oil Marketing Companies (OMCs) across the country have begun implementing downward adjustments in fuel prices at the pumps, in line with industry projections of more than a 4% drop per litre during the second pricing window of October 2025.
Market leader Star Oil has reduced its pump price for petrol to GHS12.77 per litre, down from GHS13.17, while diesel now sells at GHS12.97, compared to GHS13.45 as of September 30, 2025.
Similarly, GOIL has adjusted petrol prices from GHS13.38 to GHS12.98 per litre and diesel from GHS14.20 to GHS13.85 per litre. Another major player, Petrosol, on October 17, announced a reduction in petrol to GHS13.48 and diesel to GHS14.18 per litre.
Several other OMCs are expected to follow suit within the week, particularly among the top-tier companies holding the largest market shares.
Decline Driven by Cedi Appreciation and Lower Crude Oil Prices
According to the Chamber of Oil Marketing Companies, the latest round of fuel price reductions is primarily influenced by two factors — the appreciation of the Ghana cedi and a decline in international crude oil prices.
Both developments, the Chamber said, “have played an instrumental role in the projected price decreases at the pumps.”
During the pricing window under review, the cedi appreciated from GHS12.40 to GHS12.25 per US dollar, representing a 1.21% gain. The Chamber further notes that global crude oil prices fell by 1.43% to US$68.45 per barrel, while prices of refined products also declined — petrol by 4.54%, diesel by 3.94%, and LPG by 3.43%.
Market analysts attribute the cedi’s rebound to stronger foreign exchange inflows from commodity exports, renewed investor confidence following Ghana’s Fifth IMF Programme Review, and improved market operations by the Bank of Ghana.
Partial Pass-Through Expected
Despite the downward adjustments, some industry watchers have cautioned that not all OMCs may reflect the full extent of the price reductions at the pumps.
This is because a number of firms reportedly absorbed higher operational costs earlier in October, limiting their ability to reduce prices further in this window.
“As a result, pump prices for some outlets may remain relatively stable over the next two weeks rather than decline further,” an industry source noted.
