Fuel Prices Rise as Cedi Depreciation Pushes Pump Costs Higher

Fuel prices in Ghana have seen another upward adjustment, with petrol now selling at GH¢13.38 per litre and diesel at GH¢14.20, following price changes led by GOIL.

The new prices represent an increase from GH¢12.99 and GH¢13.90 per litre for petrol and diesel respectively as of September 2, 2025. GOIL, the country’s second-largest Oil Marketing Company (OMC), is the first to implement the hike after a week of stability across the sector, despite earlier projections of a 6% per litre rise from mid-September.

Industry observers are watching closely to see whether GOIL’s decision will trigger similar adjustments among the more than 200 OMCs nationwide.

Projected Increases

• The Chamber of Oil Marketing Companies (COMAC) had earlier projected:
• Petrol: Possible increase of 3.66% to 5.86%, reaching around GH¢14.17 per litre.
• Diesel: Expected rise of 2.12% to 4.32%, potentially hitting GH¢14.67 per litre.
• Liquefied Petroleum Gas (LPG): Anticipated increase of 2.23% to 4.23%, retailing at about GH¢14 per kilogram.

Cedi Depreciation Drives Price Hike

Despite a decline in global crude and refined product prices—petrol down 2.52%, diesel 4.12%, and LPG 2.69%—domestic fuel prices continue to rise due to the sharp depreciation of the Ghana cedi.

According to COMAC, the cedi fell from GH¢11.20 to GH¢12.07 per US dollar during the review period, representing a 7.76% drop and a year-to-date loss of 14.02%, among the steepest globally as reported by Bloomberg.

“The decline is primarily due to strong demand for the dollar for imports ahead of the festive season,” COMAC explained, adding that the weaker cedi has offset the relief from falling international oil prices.

Analysts warn that if the currency continues to depreciate, fuel prices could climb further in the coming weeks, increasing transport fares and the overall cost of living.