By: Benjamin Nii Nai Anyetei
Fuel prices at the pumps are expected to decline significantly across Ghana from Thursday, October 16, 2025, according to the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC).
The Chamber projects that petrol prices will fall by as much as 4.15 percent, reducing the average pump price to about GHS 13.93 per litre from the previous GHS 14.52. Diesel is also expected to record a reduction of between 2.08 and 4.10 percent, selling at approximately GHS 14.56 instead of GHS 15.17, while Liquefied Petroleum Gas (LPG) may drop by up to 4.46 percent.
COMAC attributes the anticipated decline to the recent appreciation of the Ghana cedi against the US dollar and a fall in global crude oil prices. The report notes that the cedi strengthened from GHS 12.40 to GHS 12.25 per dollar, representing a 1.21 percent appreciation, while crude oil prices on the international market dropped by 1.43 percent to $68.45 per barrel. Prices of refined petroleum products also decreased, with petrol, diesel, and LPG recording declines of 4.54, 3.94, and 3.43 percent respectively.
The rebound of the cedi has been driven by stronger foreign exchange inflows from commodity exports, renewed investor confidence following Ghana’s fifth IMF review, and improved market operations by the Bank of Ghana. Together, these factors have helped ease import costs for Oil Marketing Companies (OMCs), creating room for price adjustments.
Despite the expected reductions, COMAC cautioned that not all OMCs may reflect the changes immediately. Some companies reportedly absorbed earlier price increases at the beginning of October and may therefore maintain current rates during this pricing window instead of lowering them further.
This anticipated drop is believe to bring some relief to consumers and transport operators already burdened by high fuel costs. However, they warn that price stability in the coming weeks will depend largely on trends in the global oil market and the sustained strength of the cedi.
