OMCs to Raise Fuel Prices as Global Crude Surge Overrides Cedi Gains
Oil Marketing Companies (OMCs) are expected to begin adjusting fuel prices upward from today, November 17, following the latest two-week review of petroleum product prices.
The projection, based on pricing-outlook data from the Chamber of Oil Marketing Companies (COPEC), points to increases ranging between 1% and 4% per litre across major products. Some OMCs told JOYBUSINESS they will implement the changes immediately, while others say they will monitor market competition before adjusting their boards.
Crude oil rebound drives expected increases
COPEC attributes the anticipated price hikes largely to renewed pressure on the international crude oil market. Its Pricing Outlook Report shows crude prices climbed from $62.82 to $64.67 per barrel in mid-November 2025 — a 2.95% rise — amid heightened risks linked to global tariff tensions, the U.S. government shutdown, and fresh sanctions imposed on Russian oil.
This surge fed into sharper increases in refined petroleum product benchmarks:
Petrol: +3.85%
Diesel: +12%
LPG: +6.97%
Despite recent improvements in the local currency, COPEC noted that the cedi’s appreciation was not strong enough to absorb the full impact of global price movements. OMCs confirmed that without the exchange-rate gains, domestic pump prices would have risen far more steeply.
During the current pricing window beginning November 16, 2025, the cedi improved from GH¢11.12 to GH¢10.94 — a 1.57% appreciation.
Cedi outlook remains mixed
Market analysts at Databank Research, however, caution that near-term pressures may emerge due to tightening foreign exchange supply. This is despite expected support from a $300 million IMF inflow in December 2025, stronger investor sentiment following improved credit ratings, and signals that the Bank of Ghana may scale back its interventions in the forex market.
Projected pump prices
Industry estimates suggest that retail fuel prices could move as follows:
Petrol: 1.18% to 3.54% increase, potentially around GH¢13.15 per litre
Diesel: Up to 3.82% increase, possibly reaching GH¢13.60 per litre
LPG: 1.32% to 3.53% increase
COPEC data further shows that within the November 2025 pricing period, some OMCs reduced prices by between 4% and 12%. The average reduction of 6.96% suggests Ghana recorded one of the largest declines in petroleum product prices this year — and potentially in recent periods.
Market watchers expect pricing movements over the next two weeks to remain sensitive to global crude trends, exchange-rate performance, and competitive dynamics among OMCs.
