Fuel prices in Ghana are set for a major drop in the first pricing window of June 2025, marking one of the most significant reductions this year. This comes as the Ghanaian cedi gains considerable strength against the US dollar, according to the Chamber of Oil Marketing Companies (COMAC).
From June 1, petrol prices are projected to fall between 3.6% and 7.8% per litre. Based on the current guidelines, consumers could pay as low as GH¢12.02 per litre. Diesel is expected to follow a similar trend, dropping between 4.2% and 7.8%, which could potentially bring the price per liter down to GH¢12.90 or lower.
For households relying on liquefied petroleum gas (LPG), the news is also positive. The price is projected to decrease by approximately 6.3% per kilogramme, potentially dropping to GH¢15.00 depending on market adjustments by Oil Marketing Companies (OMCs).
COMAC attributes the expected price relief to the strong performance of the local currency against the US dollar. During the second half of May, the cedi appreciated from GH¢13.99 to GH¢12.15, a notable gain of 13.11%. This sharp appreciation has significantly lowered the cost of importing refined petroleum products.
The trend, according to COMAC, is already being acted upon by some OMCs. Allied Oil, one of the leading players in the industry, slashed its prices ahead of the official pricing window. As of May 28, Allied was selling petrol at GH¢12.15 and diesel at GH¢13.54, offering consumers early relief at the pump.
Despite fluctuations in the international oil market, the strength of the cedi has helped cushion Ghanaian consumers. Over the pricing period, Brent crude prices rose by 3.92%, recovering from a low of just over $60 per barrel in April. Petrol and diesel prices on the global market also saw modest increases of 2.53% and 3.07% respectively, while LPG rose by 1.35%.
Analysts believe that the cedi’s performance is playing a critical role in offsetting global price pressures. COMAC notes that improved global market sentiment, spurred by a new US-UK trade agreement and a 90-day deal between the US and China, has helped stabilize Brent crude around $64 per barrel. However, Ghana’s local currency gains are doing the heavy lifting in ensuring these international movements do not result in higher prices domestically.
Looking ahead, the US Energy Information Administration (EIA) projects Brent crude could average $65.85 per barrel this year, before declining to about $59.24 in 2026. The global outlook remains sensitive to geopolitical developments, including US sanctions and decisions by OPEC+.
In the meantime, Ghanaian motorists and households can expect some breathing room in their fuel expenses. With the cedi continuing its impressive run on the interbank market, the June price window offers a welcome reprieve, especially for transport operators and small businesses whose operations are closely tied to fuel costs.
Should the cedi maintain its current strength and OMCs respond promptly with reductions, June may signal the beginning of a broader period of stability in Ghana’s downstream petroleum sector.