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

Prices of the petroleum products are set to witness the biggest drop at the pumps today May 16, 2025.

This is according to the Chamber of Oil Marketing Companies (COMAC) Pricing Outlook for the second pricing window for the month of May 2025.
Price quotes for various products

According to the pricing guidelines for the window, petrol is expected to go down between 6.7 percent and 8.8 percent per liter from today.
By this, a litre could be sold for GH₵13.27 or even lower.

Diesel, on the other hand, should be reduced by 4 per cent or 6 per cent per litre. This could result in a litre going for GH₵ 14.40 or even lower.

Liquefied Petroleum Gas is likely to sell for GH₵16 per kilogram if the various Oil Marketing Companies adjust their prices by 5.3 per cent.

Reasons for the reduction

The chamber has attributed the reason for the sharp drop in prices to the cedi’s record appreciation against the U.S dollar.

The chamber in its report notes that “between May 1 and May 15, 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GHS14.27 to GHS12.45, a gain of approximately 12.8%”.

Crude oil prices and prices of finished petroleum products have also witnessed some significant decline during the period under review.
Fuel prices have witnessed a downward trend for the last 5 consecutive windows.
Petrol prices fell marginally by 0.34%, LPG dropped by 2.70%, while gasoil recorded the highest decline among the products, falling by 3.54%.

Oil Marketing Companies responding

Market leader GOIL has announced a reduction in prices of the various products at its service stations across the country.

Petrol is going for GH₵13.32 per litre. Diesel is selling at GH₵13.91.

GOIL’s adjustment shows the 7th consecutive time the company has reduced prices since February 2025.

Star Oil, the second biggest Oil Marketing Company, according to industry data for last year, has also announced a reduction in prices of petroleum products effective 8am on May 16, 2025 .

Petrol is selling at GH₵12.57. Some of their stations are selling a litre for GH₵12.47.

Diesel is going for GH₵13.49. Star Oil, however, says some of their service stations will sell the diesel for GH₵13.29 per litre at a discounted price.

However, the Ghana Private Road Transport Union (GPRTU) has argued that the reductions are not enough to reduce transport fares.