Transport fares could be reviewed again following a fresh round of fuel price reductions across Ghana, with major Oil Marketing Companies (OMCs) lowering pump prices in response to the cedi’s continued appreciation. This development is likely to revive public calls for the Ghana Private Road Transport Union (GPRTU) to implement an additional fare cut, barely a month after announcing a 15% reduction in May, of which some commercial vehicle operators are still hesitant in effecting the directive.
In March 2025, the GPRTU stated that it would consider lowering fares if fuel prices dropped to around GH¢12 per litre. That threshold has now been crossed, with multiple OMCs adjusting prices below the benchmark.
Star Oil, has reduced petrol from GH¢12.99 to GH¢11.77 per litre and diesel from GH¢13.99 to GH¢12.49. GOIL, another top brand, dropped petrol from GH¢13.27 to GH¢12.52 and diesel from GH¢13.27 to GH¢12.98. Allied was the first to act last week, pricing petrol at GH¢12.15 and diesel at GH¢13.35 per litre.
More OMCs are expected to adjust prices from June 2, 2025, continuing a two-week price reduction window.
The Chamber of Oil Marketing Companies attributes the drop in pump prices primarily to the cedi’s sharp appreciation. “In the second half of May 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GH¢13.99 to GH¢12.15, a gain of approximately 13.11%,” the Chamber said in its Price Outlook Report.
It also noted that international market prices for crude and refined products have risen slightly, meaning the local price drop is not due to lower global oil prices but rather exchange rate gains.
Despite the reduced prices, some industry experts have questioned the scale of the reductions, suggesting that OMCs could have passed on even greater savings to consumers.
The Chamber added that Brent crude prices, which had dropped to just above $60 per barrel in April 2024, have been recovering. Improved sentiment following trade deals, including a U.S.-UK agreement and a 90-day accord with China, has helped stabilize Brent around $64 per barrel. The U.S. Energy Information Administration (EIA) projects Brent will average $65.85 in 2025 but fall to $59.24 in 2026 as global supply outpaces demand.
For now, attention turns back to the GPRTU, as commuters and consumer advocates will be watching whether further reductions in fuel prices will translate to lower transport fares across the country.
