Ghanaian consumers are seeing major relief at fuel pumps following a significant drop in petroleum product prices that took effect on May 16, 2025. This development comes after the Chamber of Petroleum Consumers (COPEC) projected that fuel prices were to fall by up to 8.8% due to the Ghanaian cedi’s strong appreciation against the U.S. dollar and declining global crude oil prices.
And indeed, prices have fallen, confirming COPEC’s forecast.
According to Duncan Amoah, Executive Secretary of COPEC, petrol prices were expected to reduce by 6.7% to 8.8%, diesel by 4% to 6%, and LPG by around 10%. These projections have materialized across major Oil Marketing Companies (OMCs), with price cuts widely implemented across the country.
At GOIL service stations, the revised prices now stand at GH₵13.32 per litre for petrol, GH₵13.91 per litre for diesel, and GH₵15.19 per litre for their premium offering. Shell has similarly adjusted its prices, with petrol selling at GH₵13.79 per litre, diesel at GH₵14.89 per litre, and premium fuel at GH₵15.49 per litre. At TotalEnergies, petrol is now being dispensed at GH₵13.75 per litre, diesel at GH₵14.75 per litre, and premium fuel at GH₵16.10 per litre.
Meanwhile, Zen Petroleum is offering some of the most competitive rates, with petrol going for GH₵12.67 per litre and diesel at GH₵13.85 per litre. Frimps Oil has also announced reduced prices, with petrol now priced at GH₵13.05 per litre and diesel at GH₵14.05 per litre.
The price reductions follow a roughly 12.8% appreciation of the Ghana cedi against the U.S. dollar between May 1 and May 15, 2025, moving from GHS14.27 to GHS12.45. Simultaneously, global oil prices softened, reducing the cost of refined petroleum imports.
Despite this consumer-friendly development, Ghana’s global fuel affordability ranking has slipped. As of May 2025, the average petrol price in Ghana is $1.211 per litre, placing the country 20th in Africa and 77th worldwide, a significant drop from 13th and 48th, respectively, in April 2024. Experts attribute this decline to persistent local taxes and levies that moderate the full benefit of currency and oil price gains.
Still, the downward adjustment in fuel prices provides timely economic relief for households and businesses alike.
