Some Oil Marketing Companies (OMCs) across Ghana have started reducing prices of petroleum products at the pumps, in line with earlier industry projections of a significant decline from November 1, 2025.
Market leader Star Oil has adjusted its pump prices, selling a litre of petrol at GH¢11.59, down from GH¢12.77, while diesel now goes for GH¢12.47, compared to GH¢12.97 in mid-October. The new prices reflect reductions at selected service stations nationwide.
Similarly, Zen Petroleum on October 31 reduced its rates to GH¢11.97 per litre for petrol and GH¢12.17 for diesel. Sources close to the company say these prices are likely to remain stable for the next week before any further review.
Several other OMCs have told JoyBusiness that additional price cuts could follow in the coming days, particularly among leading brands with significant market share.
Factors Behind the Decline
The Chamber of Oil Marketing Companies (COCM), in its end-of-October market report, had forecast fuel prices could fall by as much as 8% per litre. The chamber attributed the expected decline to two major factors the sharp appreciation of the cedi and a drop in global crude oil prices.
According to the report, the cedi strengthened from GH¢12.63 to GH¢11.21 per dollar between mid and late October an 11.22% gain that nearly offset the depreciation recorded in the third quarter. Analysts credit the rebound to the Bank of Ghana’s switch to spot forex sales, which improved liquidity and market efficiency.
On the global market, crude oil prices slid to a five-month low, dropping 6.49% to $62.82 per barrel, amid concerns over a possible supply glut and lingering U.S.-China trade tensions.
Refined product prices also fell petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
COCM projects that petrol prices could decline by up to 5.21% per litre, bringing average pump prices to around GH¢12.92 from GH¢13.93. Diesel is expected to fall between 6.03% and 8.13%, averaging GH¢13.10 per litre, while LPG could drop by 6.66% to roughly GH¢13.60 per kilogram.
If the downward trend continues across all 200-plus OMCs nationwide, this could represent the largest fuel price reduction recorded in 2025.