Fuel Prices to Drop Significantly Starting June 1, 2025

Ghanaians can expect a major drop in fuel prices beginning June 1, 2025, as the local currency strengthens against the U.S. dollar. This upcoming reduction is set to be one of the most notable decreases at fuel pumps this year.

According to the Chamber of Oil Marketing Companies (COMAC), the first pricing window of June will reflect sharp price cuts across petroleum products, largely due to the Ghanaian cedi’s recent appreciation.

Expected Fuel Price Adjustments

• Petrol: Prices are projected to drop by 3.6% to 7.8% per litre, potentially bringing the cost down to GH¢12.02 or lower.
• Diesel: Expected to fall by 4.2% to 7.8% per litre, with prices likely reaching GH¢12.90 or less.
• LPG: May decrease by 6.3% per kilogramme, with the expected price hovering around GH¢15 per kilogramme.

What’s Driving the Price Reduction?

The primary reason behind the anticipated drop is the cedi’s strong performance against the dollar. Between mid and late May 2025, the cedi appreciated by about 13.11%, strengthening from GH¢13.99 to GH¢12.15 on the interbank market.

Global Crude Oil Developments

Brent crude prices, which had dipped to just above $60 per barrel in April, have rebounded slightly to around $64 following positive developments such as the U.S.-UK trade agreement and a temporary deal with China.

Despite this slight rebound, the U.S. Energy Information Administration (EIA) projects Brent crude to average $65.85 per barrel in 2025, before dropping to $59.24 in 2026, as global supply is expected to exceed demand.

Crude prices during this pricing window increased by 3.92%, with global product prices also recording slight upticks:

• Petrol: +2.53%
• Diesel: +3.07%
• LPG: +1.35%

Industry Reactions

Some Oil Marketing Companies (OMCs) have already begun adjusting their pump prices ahead of the official window. On May 28, 2025, Allied Oil, a major player in the sector, announced new prices:

• Petrol: GH¢12.15 per litre
• Diesel: GH¢13.54 per litre

The fuel price reduction forms part of broader economic shifts and is expected to bring some relief to consumers and transport operators.