Oil Marketing Companies (OMCs) are expected to begin increasing fuel prices at the pumps from today, November 17.

This development follows the routine two-week review of petroleum product prices and pricing-outlook data from the Chamber of Oil Marketing Companies (COPEC), which projects a 1% to 4% increase per litre across products.

Some OMCs told JOYBUSINESS they will adjust prices immediately, while others say they will observe market competition before responding.

Reasons

According to COPEC’s Pricing Outlook Report, the expected increases are driven mainly by rising crude oil prices on the international market.

Crude prices climbed by 2.95% in mid-November 2025 — from $62.82 to $64.67 per barrel — amid elevated forecast risks linked to global tariff tensions, the U.S. government shutdown and new sanctions on Russian oil.

Reflecting this trend, major petroleum products also saw strong increases:

• Petrol rose by 3.85%
• Diesel surged by 12%
• LPG increased by 6.97%

Even with the cedi’s recent appreciation, the currency’s gains were not strong enough to prevent upward adjustments at the pumps.

Some OMCs told JOYBUSINESS that without the cedi’s improved performance, fuel prices could have risen far more sharply than current projections.

COPEC’s report shows that during the pricing window starting November 16, 2025, the cedi appreciated from GH¢11.12 to GH¢10.94 — a 1.57% gain.

Databank Research, however, forecasts modest near-term pressure on the cedi due to tightening foreign exchange supply, despite an expected $300 million IMF inflow in December 2025, improved investor sentiment from better credit ratings, and indications that the Bank of Ghana may scale back forex market support.

Possible Price Quotes

Industry data suggests petrol is expected to rise between 1.18% and 3.54%, potentially retailing at around GH¢13.15 per litre.

Diesel prices may increase by up to 3.82%, which could push a litre to about GH¢13.60.

LPG prices are projected to rise between 1.32% and 3.53%.

COPEC data also indicates that during the November 2025 review period, some firms reduced prices by as much as 12%, 7%, and as low as 4% per litre. Averaging these reductions gives about 6.96%, suggesting Ghana recorded one of the biggest drops in petroleum product prices this year — and possibly in recent times.