One industry cashing in massively on the robust appreciation of the cedi is the petroleum retail sector, as some major Oil Marketing Companies (OMCs) have significantly reduced their fuel prices today, June 2, 2025.
Goil and Star Oil, in response to the continued strengthening of the local currency, have offered some respite to motorist by slashing fuel prices at the pumps.
This new price cut is very significant compared to the previous cut implemented on May 19 2025.
Goil Sets the Pace with Broad Fuel Price Reductions
Goil, Ghana’s largest wholly indigenous oil marketing company, has taken the lead by announcing sweeping reductions across all fuel types. As of the latest pricing window:
- Petrol now goes for ₵12.52 per litre, down from ₵13.27, resulting in a savings of 75 pesewas on every litre purchased.
- Diesel has dropped to ₵12.98 from ₵13.87. This has also amounted to savings of a whopping 90 pesewas per litre.
- Premium fuel now sells at ₵14.34, compared to ₵15.27 previously, also leading to 93 pesewas savings.
Goil’s move positions it among the first to respond decisively to the cedi’s recent appreciation, offering much-needed relief to transport operators and private vehicle owners alike.
Star Oil Follows Suit
Customers of Star Oil are also smiling this morning. The OMC has joined the trend with equally bold price reductions. Its new rates are:
- Petrol is now selling at ₵11.77 per litre, down from ₵12.57 per litre, amounting to savings of 80 pesewas.
- Diesel is also selling at ₵12.49 per litre from a previous ₵13.49 per litre, resulting in savings of ₵ 1 per litre
- Premium fuel remains steady at ₵14.89
It is expected that with the leading OMCs cutting prices at the pumps, other competing OMCs will definitely follow suit by reducing their prices to stay competitive.
With another significant relief in the petroleum sector, the question on everyone’s mind is “Could another cut in transport fares be around the corner?
With Ghana’s cedi showing continued strength and major oil marketing companies slashing fuel prices significantly, will passengers be justified in calling for another transport fare cut, although it was reduced in the last pricing window?
Moreover, for the commercial transport operators who remained adamant in the previous calls for transport cuts, this significant drop offers no reason to continue to hold prices.
Cedi Strength Driving Change
These reductions are being driven largely by the strengthening of the Ghanaian cedi, which has chalked notable gains against the US dollar in recent weeks. Since fuel imports are priced in dollars, the cedi’s rebound has created a window for oil marketing companies to pass on the savings to consumers.
Economic analysts say this could be the beginning of a larger trend, provided the currency holds firm and international crude oil prices remain relatively tame.
It is expected that consumer groups and some civil society organizations are monitoring the development, and should the sustained strength of the cedi continue and prices at the pumps continue to fall, they will definitely mount pressure for commercial operators to reduce prices again
For now, all eyes are on the transport unions. As fuel prices fall and the cedi continues its upward march, the case for another transport fare reduction will grow stronger by the day.
