Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps in line with industry data projecting a drop of more than 4% per litre from October 16.

Market leader Star Oil is now selling a litre of petrol at GH¢12.77, down from the previous price of GH¢13.17 per litre.

Diesel has also been reduced from GH¢13.45 per litre on September 30, 2025, to GH¢12.97 on October 20, 2025.

The second major player in the industry, GOIL, has also announced a downward adjustment in prices, selling petrol at GH¢12.98 per litre from the old price of GH¢13.38.

Diesel is now selling at GH¢13.85, compared to the previous price of GH¢14.20.

Another OMC, Petrosol, on October 17, 2025, announced that it had reduced the price of petrol to GH¢13.48 per litre, while diesel is going for GH¢14.18.

More OMCs have told JOYBUSINESS that they will implement further price reductions this week, particularly among the top players who control the largest market share in the industry.

Reasons for the Reduction

According to the Chamber of Oil Marketing Companies, the more than 4% reduction in fuel prices has been influenced by two main factors: a decline in global crude oil prices and the recent appreciation of the Ghana cedi.

Both factors, the Chamber said, “have played an instrumental role in the projected price decreases at the pumps.”

In its market report, the Chamber noted that during the pricing window under review, “the cedi appreciated from GH¢12.40 to GH¢12.25 per US dollar, representing a 1.21% gain.”

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 on the international market also declined by 1.43% to $68.45 per barrel. Prices of finished petroleum products followed a similar trend, with petrol dropping by 4.54%, diesel by 3.94%, and LPG by 3.43%.

Despite the projected reductions, some market watchers caution that not all of the over 200 OMCs may reflect the full decreases at the pumps.

This is because many companies reportedly absorbed earlier cost increases from October 1, 2025. As a result, prices for some may remain unchanged over the next two weeks rather than falling further.

Impact on Consumers and Transport Fares

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, says the latest round of reductions could help avert a potential increase in transport fares.

Some transport operators have been pushing for fare hikes following significant fuel price increases recorded between August and September 2025.

Mr Amoah also commended certain OMCs that maintained stable prices even when industry data indicated they could have raised them.

“We believe that all these efforts will go a long way to reduce the cost of living,” said Duncan Amoah, Executive Secretary, COPEC.