Fuel prices to fall significantly from June 1, 2025

Petroleum product prices are set to drop significantly this year.

This decline is due to the cedi's appreciation against the dollar.

The Chamber of Oil Marketing Companies (COMAC) predicts fuel prices will fall starting June 1, 2025.

Price Quotes for Petroleum Products

Petrol prices may decrease by 3.6% to 7.8% per liter. This means petrol could cost GH¢12.02 or less.

Diesel is expected to drop by 4.2% to 7.8% per liter as well. Thus, diesel might be priced at GH¢12.90 or lower.

LPG could be sold at GH¢15 per kilogram if prices adjust by 6.3%.

Reasons for Reduction

COMAC states that the price reduction results from the cedi’s appreciation against the US dollar.

Cedi’s Impact

In late May 2025, the Ghanaian cedi strengthened significantly against the dollar. It improved from GH¢13.99 to GH¢12.15, a gain of about 13.11%.

The cedi has continued its strong performance in the interbank market.

Crude Oil Market Development

Brent crude prices are recovering after falling below $60 per barrel in April. This was due to rising U.S. tariffs and increased OPEC+ supply.

Market sentiment improved with a U.S.-UK trade deal and a temporary accord with China, stabilizing prices around $64 per barrel.

Looking ahead, EIA forecasts Brent crude will average $65.85 in 2025 and drop to $59.24 in 2026 as production outpaces demand.

Geopolitical factors like U.S. sanctions and OPEC+ decisions may also affect future prices.

Crude Price Outlook

For this pricing window, crude oil prices rose by 3.92%. Consequently, all international product prices increased as well.

Petrol saw a slight rise of 2.53%, LPG went up by 1.35%, and diesel increased by 3.07%.

Response By Oil Marketing Companies

Some Oil Marketing Companies have already begun reducing pump prices before June 1, 2025.

Allied Oil announced price reductions on June 28, selling petrol at GH¢12.15 and diesel at GH¢13.54.