Some Oil Marketing Companies (OMCs) have begun to reduce fuel prices at the pump, in keeping with industry estimates of a large decline per litre beginning November 1, 2025.
Star Oil, the market leader, is now selling a litre of petrol for GH¢11.59, down from GH¢12.77, based on discounted rates at selected service stations around the country.
Diesel prices have reduced from GH¢12.97 per litre on October 20 to GH¢12.47.4
On October 31, Zen Petroleum, another significant player, lowered its prices. Diesel now costs GH¢12.17 per liter, while gasoline now costs GH¢11.97.
Before any revision, Zen’s costs might stay the same for a week, according to sources.
JoyBusiness has been informed by a number of OMCs that they intend to carry out additional price reductions this week, particularly among the leading brands with the biggest market shares.
Reasons
The Chamber of Oil Marketing Companies (COCM) in its end-of-October market data report projected fuel prices could fall by up to 8% per litre.
This was driven by a drop in global crude oil prices and the cedi’s strong appreciation in October 2025.
Both factors, the report noted, played “an instrumental role in the projected price decreases at the pumps.”
From the October 16 pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar — an 11.22% gain — nearly offsetting the 13.33% depreciation recorded in the third quarter.
Analysts attribute this rebound to the Bank of Ghana’s shift to spot forex sales, which improved market efficiency and dollar liquidity.
On the international front, crude oil prices fell to a five-month low, dropping 6.49% to $62.82 per barrel amid U.S.-China trade tensions and fears of a supply glut in late 2025.
Prices of refined petroleum products also declined — petrol by 3.30%, diesel by 2.48%, and LPG by 2.35%.
Projected Price Reductions
Petrol is expected to decline by up to 5.21% per litre, bringing pump prices down to around GH¢12.92 from GH¢13.93.
Diesel could fall between 6.03% and 8.13%, to about GH¢13.10 per litre, down from GH¢14.56.
Liquefied Petroleum Gas (LPG) is projected to drop by 6.66%, reaching roughly GH¢13.60 per kilogram.
If all 200-plus OMCs implement these adjustments, this could mark the biggest drop in fuel prices so far in 2025.
Source: Joy Business
