The Chamber of Oil Marketing Companies (COMAC), which sets rates for oil marketers across the country, released its most recent outlook report, indicating that Ghanaians should anticipate a significant drop in fuel prices at the pumps starting November 1, 2025.
Petrol: Pump prices are predicted to drop by as much as 5.21%, returning to approximately GH¢12.92 per litre from the previous GH¢13.93.
The price of a litre of diesel is expected to drop from 6.03% to 8.13%, from GH¢14.56 to about GH¢13.10.
Liquefied petroleum gas (LPG): Prices could reduce by as much as 6.66%, to around GH13.60 per kilogramme.
This would be the biggest fuel price cut in Ghana in 2025 if it were applied to all 200+ oil marketing businesses. This is unusual because petroleum products rarely see such massive price reductions in a single pricing window.
While some businesses would wait to use up their current stock or re-calibrate their pumps before implementing the price reductions later next week, others are anticipated to do so as early as this weekend.
The anticipated cuts are attributed by COMAC to the high October cedi appreciation and the drop in global crude oil prices.
During the October 16 price window, the cedi gained 11.22%, or almost offsetting the 13.33% devaluation that occurred in the third quarter of the year, from GH¢12.63 to GH¢11.21 per dollar. The Bank of Ghana’s move to spot forex sales, which has increased dollar liquidity and market efficiency, is credited by analysts with the recovery.
In the meantime, growing US-China trade tensions and concerns about a possible supply surplus later in the year caused global crude oil prices to drop 6.49% to a five-month low of $62.82 per barrel.
Refined petroleum product prices also decreased, with LPG, diesel, and petrol all seeing decreases of 2.35%, 2.48%, and 3.30 percent, respectively.
The cutbacks are likely to relieve transport expenses and maybe derail ongoing discussions by driver unions about fare rises. Additionally, as lower transportation costs frequently translate into cheaper pricing for goods, services, and food, which eventually lowers the cost of living, economists believe that lower fuel prices may help reduce inflation.
Source: newsthemegh.com