Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps again.  This is the second time this week fuel prices have gone down at the pumps for the second pricing window of June.

The reduction, JOYBUSINESS understands, is a result of competition among some major OMCs due to a price war.

Competition in the Petroleum Products Market (Price War)

Market leader, Star Oil, on June 19, 2025, announced that it has dropped the price of petrol again from GH₵10.99 per litre to GH₵10. 80.

Diesel, which was selling at GH₵12.77 has also reduced to GH₵12.13 per litre. 

Another major player, Allied Oil will also drop its prices further, effective June 20, 2025.

Allied Oil, for instance, on June 16, 2025, was selling a litre at GH₵10.97. The company is now selling a litre of petrol for GH₵10.75.

Zen Petroleum has also dropped the price of petrol to GH₵10.75.

A careful look at the prices reveal that the price of diesel has gone up marginally since June 16, 2025.

It is not clear for now what might have contributed to the price movement. 

One of the main aims of the Price Deregulation Policy rolled out by government in 2015 was to allow competition drive prices down apart from developments on the international market.

Outlook

Some of the OMCs have however told JOYBUSINESS that prices could be going up from July 1, 2025, if the current war between Israel and Iran in the Middle East does not cease soon.

Since the beginning of the war in the Middle East, crude oil prices have jumped from 66 dollars a barrel to about 76 dollars a barrel.

However, some industry players on the other hand have also argued that if the Ghana Cedi could appreciate further in the coming days,  it could make up for the anticipated  5 percent or more jump in crude prices on the international market.

Prices of petroleum products have dropped by more than 6 times at the pumps and industry data showed that the cedi’s appreciation played a major role.