Fuel prices in Ghana are set to experience a significant reduction starting June 1, 2025, marking one of the most substantial decreases this year. This change is primarily attributed to the Ghanaian cedi's notable appreciation against the US dollar.
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Petrol: Expected to decrease by 3.6% to 7.8%, potentially bringing the price down to GH¢12.02 per liter or lower.
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Diesel: Anticipated to fall by 4.2% to 7.8%, with prices possibly reaching GH¢12.90 per liter or less.
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Liquefied Petroleum Gas (LPG): Likely to reduce by approximately 6.3%, setting the price around GH¢15 per kilogram.
These projections are based on the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC) .
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Cedi Appreciation: In the latter half of May 2025, the cedi strengthened significantly against the US dollar, appreciating from GH¢13.99 to GH¢12.15—a gain of about 13.11%. This robust performance has contributed to the anticipated decrease in fuel prices.
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Crude Oil Market Dynamics: While Brent crude prices have shown some recovery, stabilizing around $64 per barrel due to improved market sentiments and geopolitical developments, the cedi's appreciation has had a more pronounced effect on local fuel pricing.
Market Response:
Some Oil Marketing Companies have proactively adjusted their prices ahead of the official date.For instance, Allied Oil reduced its petrol price to GH¢12.15 and diesel to GH¢13.54 on May 28, 2025.
This downward trend in fuel prices is expected to provide relief to consumers and may influence discussions on transport fares and the broader cost of living in Ghana.
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