The Chamber of Oil Marketing Companies COMAC says Crude oil prices recorded a modest rise in mid-November 2025, a development expected to ease the cedi’s recent gains in the forex market. According to COMACs monthly pricing report, International benchmark prices increased by 2.95%, moving from $62.82 to $64.67 per barrel. Data from the petroleum market...
Category: Fuel Price
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Nigeria hits 1.401 million bpd in October, fails OPEC quota for third month.
Nigeria’s crude oil production climbed marginally to 1.401 million barrels per day (bpd) in October, up from 1.39 million bpd recorded in September. This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Wednesday. Despite the modest increase, the report shows that Nigeria fell short of meeting...
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Downstream petroleum market at a crossroads: Price pressures, competition shifts, and the urgent call for structural reform
Ghana’s downstream petroleum industry has grown into one of the most competitive and complex fuel markets in Africa. Over the past decade, reforms, private participation, and steady investments have redefined the way petroleum products are sourced, distributed, and sold across the country. With more than one hundred and eighty licensed Oil Marketing Companies(OMCs) operating from...
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Tax evasion and product diversion distort fuel prices – Star Oil CEO exposes industry loopholes
Chief Executive Officer of Star Oil Ghana, Philip Tieku, has exposed how widespread tax evasion and fuel product diversion are distorting prices in Ghana’s petroleum downstream sector.He said the illegal activities have created unfair competition and raised questions about the effectiveness of current regulatory measures, including the introduction of a price floor. “When the price...
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GOIL PLC Alerts Public to Fake Video Impersonating CEO
Accra, Ghana — [Date] — GOIL PLC has issued a strong warning to the public over a fraudulent video circulating on social media that falsely portrays its Group CEO and Managing Director, Mr. Edward Abambire Bawa, announcing a so-called “government-backed gold project” and “customer reward scheme.” In a statement released by the company, GOIL described...
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Fuel price cuts reflect economic recovery – COPEC
The Chamber of Petroleum Consumers (COPEC) has lauded the latest round of fuel price reductions across the country, describing the development as a strong signal of improving economic fundamentals.In the first pricing window of November, leading Oil Marketing Company, Star Oil, slashed petrol prices to GH¢11.97 per litre and diesel to GH¢12.47 per litre one...
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Fuel Prices Drop as OMCs Begin Implementing November Reductions
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...
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Tinubu approves 15% import duty on petrol, diesel
President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.In a letter dated October 21, 2025, reported publicly on October 30, 2025, and...
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Fuel Prices Expected to Fall in October — CBOD Projects Relief for Consumers
The Chamber of Bulk Oil Distributors (CBOD) has projected a decline in fuel prices for the first pricing window of October 2025, citing a drop in international refined petroleum prices and a notable appreciation of the cedi against major trading currencies. In its latest market outlook report covering the period October 16–31, CBOD said the...
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Total petroleum consumption for half year hits 3.6bn litres, despite rising fuel prices
Total consumption of petroleum products for the first half of 2025 has surged to 3.6 billion litres, marking a 17.65% increase compared to 3.07 billion litres recorded in the same period in 2024. This is according to the 2025 Petroleum Analysis Report seen by JoyBusiness, which presents a detailed examination of Ghana’s petroleum supply and...