Story By: Akua Oteng Amponsah
Petroleum product prices are set to witness one of the biggest drops at the pumps this year, thanks to the appreciation of the cedi against the dollar.
According to the Chamber of Oil Marketing Companies (COMAC) pricing outlook for the first pricing window of June 2025, fuel prices will fall heavily starting June 1, 2025.
Petrol prices are expected to drop by 3.6% to 7.8% per liter, potentially selling for GH¢12.02 or lower. Diesel prices are also forecast to decrease by 4.2% to 7.8% per liter, with a liter potentially costing GH¢12.90 or lower.
LPG is likely to be sold at GH¢15 per kilogram, following a 6.3% adjustment.
The reduction is attributed to the cedi’s sustained appreciation against the US dollar. In the second half of May 2025, the Ghanaian cedi strengthened from GH¢13.99 to GH¢12.15, a gain of approximately 13.11%.
The cedi’s impressive performance on the interbank market has led to substantial gains against major trading currencies.
The Chamber notes that Brent crude prices have recovered after dropping to over $60 per barrel in April, stabilizing around $64 per barrel due to improved market sentiment.
The EIA forecasts Brent crude could average $65.85 in 2025 and decline to $59.24 in 2026, as global oil production is expected to outpace demand. Geopolitical factors, including US sanctions and OPEC+ policy decisions, may also influence future prices.
