The prices of petroleum products are expected to drop sharply at fuel stations across the country from November 1, 2025.
This projection comes from the latest pricing outlook released by the Chamber of Oil Marketing Companies (COoMAC), which informs the pricing strategies of oil marketing firms in Ghana, according to documents reviewed by JoyBusiness.
Projected Changes
Petrol prices are expected to decline by up to 5.21% per litre, bringing the average pump price down to about GH¢12.92 from the current GH¢13.93 quoted by some marketing companies.
Diesel is projected to drop between 6.03% and 8.13%, reducing the price per litre to around GH¢13.10 from the previous GH¢14.56.
Liquefied Petroleum Gas (LPG) could also see a decrease of up to 6.66%, setting the new price at approximately GH¢13.60 per kilogram.
If all 200-plus oil marketing companies implement these cuts, this would represent the steepest decline in fuel prices so far in 2025.
It would also be the first time in several months that a petroleum product records a double-digit percentage fall within one pricing window—an event analysts are calling historic.
Based on current market patterns, some OMCs may begin adjusting their prices as early as this weekend, November 1, 2025, while others could delay slightly to clear existing stocks or recalibrate their systems before updating their pump rates next week.
Underlying Factors
According to COoMAC, the expected decline is primarily driven by a reduction in global crude oil prices and the notable strengthening of the cedi during October.
Both developments, the report noted, “played a crucial role in the anticipated downward adjustments at the pumps.”
During the pricing window starting October 16, 2025, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar—an 11.22% improvement.
This rebound nearly erased the 13.33% depreciation seen in the third quarter, reflecting renewed investor confidence and greater currency stability.
Analysts partly attribute the cedi’s recovery to the Bank of Ghana’s adoption of spot forex sales, which improved market efficiency and boosted dollar liquidity.
Globally, crude oil prices slumped to a five-month low, tumbling by 6.49% to $62.82 per barrel amid rising US-China trade tensions and fears of a potential supply glut in late 2025.
Prices of refined petroleum products also decreased, with petrol, diesel, and LPG recording declines of -3.30%, -2.48%, and -2.35%, respectively.
Market Implications
The expected reductions could ease recent demands by transport unions for fare increases, which have gathered momentum in recent weeks.
Lower fuel prices may also help contain inflation within single digits in the coming months, as reduced energy costs bring down the prices of food, goods, and services — ultimately easing the cost of living nationwide.