Today, May 16, 2025, is expected to see the largest decline in petroleum product prices at the pumps.
This is in accordance with the pricing outlook for the second pricing window for the month of May 2025 published by the Chamber of Oil Marketing Companies (COMAC). Quotes for prices on a range of goods
The window’s pricing guidelines predict that gasoline prices will drop between 6.7% and 8.8% per liter starting today. This would allow a liter to be sold for GH₵13.27 or less.
Conversely, diesel will need to be cut by 4 to 6 percent per liter. As a result, a liter can sell for GH₵14.40 or less.
With a 5.3% price adjustment by the major oil marketing companies, liquefied petroleum gas is expected to retail for GH₵16 per kilogram.
Background
The cedi’s historic appreciation versus the US dollar has been cited by the chamber as the cause of the steep price decline.
The Ghanaian cedi strengthened from GHS14.27 to GHS12.45, a gain of almost 12.8%, against the US dollar between May 1 and May 15, 2025, according to the chamber’s report.
Both the price of crude oil and the price of petroleum products have significantly decreased over the time under consideration.
For the past five consecutive windows, fuel costs have been on the decline.
There was a slight decrease of 0.34% in the price of gasoline, a 2.70% decrease in LPG, and a 3.54% decrease in the price of gasoil.
Price reductions for a variety of goods have been announced by market leader GOIL at its service stations nationwide.
The price of gasoline is GH₵13.32 per liter. The price of diesel is GH₵13.91.
According to GOIL’s adjustment, the firm has lowered rates seven times in a row since February 2025.
According to industry data from the previous year, Star Oil, the second-largest oil marketing company, has also announced a decrease in petroleum product prices that will take effect at 8 a.m. on May 16, 2025.
The price of petrol is GH₵12.57. A liter costs GH₵12.47 at certain of their stations.
The price of diesel is GH₵13.49. However, according to Star Oil, certain of their service stations will offer the fuel at a discounted price of GH₵13.29 per liter.
The Ghana Private Road Transport Union (GPRTU), however, has maintained that the cuts are insufficient to lower transportation costs.
Source: newsthemegh.com