Oil Marketing Companies (OMCs) across the country have reduced prices of petroleum products at the pumps in line with earlier projections.

The reduction in prices will be for two weeks in June 2025, beginning June 1, 2025.

Market Leader, Star Oil, has reduced the price of petrol from GH¢12.99 to GH¢11.77 per litre. Diesel, which was going for GH¢13.99 in May 2025, has been reduced to GH¢12.49.

Another industry giant, GOIL, has dropped a litre of petrol from GH¢13.27 to GH¢12.52. Diesel is now selling at GH¢12.98 from its old price of GH¢13.27.

Allied last week took the lead by adjusting prices, selling a litre of petrol at GH¢12.15. It is also selling a litre of diesel at GH¢13.35.

Meanwhile, more Oil Marketing Companies have disclosed to Joy Business they will adjust prices at the pumps from today, June 2 2025.

However, some industry experts have raised concerns about the margin of reduction by the OMCs.  

Reasons for Adjustments

The Chamber of Oil Marketing Companies, in its Price Outlook Report, revealed that the expected reduction is purely due to the cedi’s appreciation.

This is because prices of crude oil and finished petroleum products have been going up, albeit marginally, on the international market.

Cedi’s Impact

According to the Chamber of Oil Marketing Companies, in the second half of May 2025, the Ghanaian cedi appreciated significantly against the US dollar, strengthening from GH¢13.99 to GH¢12.15, a gain of approximately 13.11%.

The cedi has continued its impressive run on the interbank market, registering substantial gains against major trading currencies, particularly the US dollar.

Crude Oil Market Development

The Chamber maintained that Brent crude price is recovering after dropping to just over $60 per barrel in April 2024 due to the rising U.S. tariffs and increased OPEC+ supply.

The improved market sentiment, driven by the U.S.-UK trade deal and a 90-day accord with China, has also helped stabilise prices around $64 per barrel.

Looking ahead, the EIA forecasts Brent crude could average $65.85 in 2025 and decline to $59.24 in 2026, as global oil production is expected to outpace demand.