Fuel prices at some pumps have seen reductions in the second pricing window of March 2025, though these adjustments remain below expectations.
GOIL, for instance, has lowered petrol prices from GHS 15.65 to GHS 14.99 and diesel from GHS 15.79 to GHS 15.42. Shell and TotalEnergies have also revised their prices, with Shell now selling petrol at GHS 15.30 and diesel at GHS 15.47, while TotalEnergies lists both petrol and diesel at GHS 15.49 per liter.
Prices at other fuel stations vary, with Petrosol selling petrol at GHS 15.64 and diesel at GHS 15.76. Unicorn and TotalEnergies both offer petrol at GHS 15.49 and diesel at GHS 15.49. Puma and GOIL are selling petrol at GHS 14.99, while Zen offers the lowest petrol price at GHS 14.95.
Despite these changes, a significant number of OMCs have not revised their prices, meaning the anticipated reductions have not been fully realized. The Chamber of Petroleum Consumers (COPEC) had projected that by March 16, petrol, diesel, and liquefied petroleum gas (LPG) prices would decline by 4.5%, 3.8%, and 3.9%, respectively. However, with today being March 19, the expected reductions have largely not materialized.
The Institute for Energy Security (IES) also forecasted a notable drop in local pump prices for all petroleum products during this pricing window. IES projected that petrol prices would fall by 4.5%, gasoil by 3.2%, and LPG by 4.5%, citing significant declines in global fuel market prices.
According to IES data, international gasoline prices dropped by 9.00%, gasoil by 6.33%, and LPG by 8.98% in the first pricing window of March 2025. However, these global reductions have not been fully reflected in the local market.
COPEC’s Executive Secretary, Duncan Amoah, has strongly criticized OMCs, arguing that their actions undermine Ghana’s deregulation policy. “This is a worrying trend that defeats the purpose of deregulation. When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favor reductions, they delay. The highest reduction we have recorded so far is only 2.2%, whereas consumers should have seen cuts between 3% and 7%. As of now, that has not happened,” he stated.
Meanwhile, crude oil prices on the global market have been on a decline in recent months. February 2025 saw benchmark crude oil prices drop by approximately $7 per barrel, driven by trade tensions and concerns over global demand. As of March 18, Brent crude oil was trading at around $71.24 per barrel, though slight recoveries have been recorded due to geopolitical developments and China’s economic stimulus efforts.
Despite these global trends, fuel prices at many Ghanaian OMCs have not reflected the much-needed downward movement in international oil prices. This has led to growing concerns among consumers and industry watchers, who argue that the benefits of global price reductions are not being fully passed on to the local market.
That notwithstanding, consumers can still enjoy some relief as competition among OMCs has resulted in slight price adjustments at select fuel stations, offering motorists some savings at the pump.
