Ghanaians are set to enjoy significant relief at the pumps from November 1, 2025, as fuel prices are expected to drop sharply, according to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC). The report projects major reductions in petrol, diesel, and LPG prices nationwide.
Projected Reductions
Petrol prices are expected to fall by up to 5.21%, from GH¢13.93 to about GH¢12.92 per litre.
Diesel could decline between 6.03% and 8.13%, bringing prices down to around GH¢13.10 per litre from GH¢14.56.
Liquefied Petroleum Gas (LPG) may also drop by 6.66%, lowering prices to roughly GH¢13.60 per kilogram.
If all 200-plus oil marketing companies apply the new rates, this would mark Ghana’s biggest fuel price drop in 2025 a rare development in a year marked by frequent hikes. Some firms are expected to introduce the new prices this weekend, while others may wait until next week after clearing old stock.
Reasons for the Decline
COMAC attributes the reductions to two key factors: falling global crude oil prices and a stronger cedi.
The cedi appreciated from GH¢12.63 to GH¢11.21 per dollar during the October 16 pricing window, gaining 11.22%. This recovery nearly reversed the 13.33% depreciation recorded in the third quarter. Analysts credit the rebound to the Bank of Ghana’s shift to spot forex sales, which improved dollar liquidity and market stability.
At the same time, international crude prices fell to a five-month low of $62.82 per barrel, a 6.49% decline driven by rising US-China trade tensions and fears of oversupply. Prices of refined products also fell, with petrol down 3.30%, diesel 2.48%, and LPG 2.35%.
Economic Impact
Experts say the reductions will help cut transport costs and ease inflationary pressure. Driver unions may also suspend planned fare increases, while consumers could see lower prices for food, goods, and services.
Economists predict the drop will offer temporary relief to households and small businesses struggling with high living costs.
