Source joynewsonline
Business News Ghana
Fuel Prices Fall Massively as Cedi Appreciates Against Foreign Currencies, Especially the US Dollar
Fuel prices at the pumps have witnessed a significant drop across major oil marketing companies (OMCs) in Ghana on thursday October 16, 2025, following the recent appreciation of the Ghanaian cedi against major foreign currencies, especially the US dollar.
The reduction comes as a relief to consumers and transport operators who have been burdened by high fuel costs in recent months.
According to market analysts, the cedi’s improved performance has lowered the cost of importing petroleum products, leading to the sharp decline in prices.
This projection is captured in the latest outlook report issued by the Chamber of Oil Marketing Companies (COMAC), which guides the pricing decisions of oil marketing companies (OMCs) in Ghana, as seen by Joy Business.
Check Projected Adjustments Below
According to the report, petrol prices are projected to decline by up to 4.15% per litre, bringing the pump price to about GHS 13.93, down from the previous GHS 14.52.
Diesel could also be reduced by between 2.08% and 4.10%, which may result in a litre selling at GHS 14.56, down from GHS 15.17.
Liquefied Petroleum Gas (LPG) is also expected to drop by up to 4.46%.
Check Out the Reasons for the Reduction Below
According to COMAC, the projected reduction is influenced by two main factors — the decline in global crude oil prices and the recent appreciation of the Ghana cedi.
Both, the Chamber said, have played “an instrumental role in the projected price decreases at the pumps.”
The report noted that during the current pricing window, the cedi appreciated from GHS 12.40 to GHS 12.25 per US dollar, representing a 1.21% ‘drop’.
Market analysts attribute the rebound to stronger foreign exchange inflows from commodity exports, renewed investor confidence following the fifth IMF review, and improved market operations by the Bank of Ghana.
Crude oil prices have also declined on the international market, dropping 1.43% to $68.45 per barrel.
Prices of finished petroleum products followed a similar trend, with petrol down by 4.54%, diesel by 3.94%, and LPG by 3.43%.
Despite the projected reduction, some market watchers caution that not all of the over 200 OMCs may reflect these decreases at the pumps.
This is because many companies reportedly absorbed the expected price increases from October 1, 2025.
As a result, prices may simply remain unchanged over the next two weeks instead of falling further.
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