Fuel prices to witness biggest drop of 8% today May 16 due to cedi's appreciation

Petroleum product prices will drop significantly today, May 16, 2025.

This information comes from the Chamber of Oil Marketing Companies (COMAC).

They released the Pricing Outlook for May's second pricing window.

Price Changes

Petrol prices are expected to decrease by 6.7% to 8.8% per liter.

This means petrol could sell for GH₵13.27 or lower.

Diesel prices should drop by 4% to 6% per liter.

This could bring diesel down to GH₵14.40 or less.

Liquefied Petroleum Gas may cost GH₵16 per kilogram with a 5.3% reduction.

Reasons for Price Reductions

The chamber cites the cedi’s strong appreciation against the U.S. dollar as a reason for these drops.

From May 1 to May 15, the cedi strengthened from GHS14.27 to GHS12.45, a gain of about 12.8%.

Crude oil and finished petroleum product prices have also declined during this period.

Fuel prices have fallen for five consecutive windows now.

Petrol dropped by 0.34%, LPG fell by 2.70%, and gasoil saw a decline of 3.54%.

Responses from Oil Marketing Companies

Market leader GOIL has announced price reductions at its stations nationwide.

Currently, petrol is priced at GH₵13.32 per liter and diesel at GH₵13.91.

This marks GOIL’s seventh consecutive price cut since February 2025.

However, the Ghana Private Road Transport Union (GPRTU) argues that these reductions are insufficient to lower transport fares.