Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps from this morning June 16, 2025.

Market leader Star Oil is selling a litre petrol at GH¢11.57. However, that of diesel remains unchanged at GH¢12.49.

Some selected stations are also quoting a litre of petrol at GH¢10.99 

There are indications that Star Oil could carry out further reviews in the coming days at the pumps.

Another major player, Shell is also selling a litre of petrol at GH¢11.98 a litre from its old price of GH¢12.98 quoted on June 3, 2025. A litre of diesel is going for GH¢12.85 compared to the price of GH¢ 12.89 quoted on June 3, 2025.

Allied Oil has also reduced prices at the pumps, selling a litre of petrol for GH¢10.97 from its old price of GH¢11.45 published on June 2, 2025.

Diesel has also been reduced from GH¢12.75 to GH¢12.45.

Some of the OMCs told JOYBUSINESS they are working to review their prices at the pumps before the close work today, June 16, 2025.

Reasons

The Chamber of Oil Marketing Companies earlier told JOYBUSINESS that the cedi’s continuous appreciation against the US Dollar is a major reason for the reduction at the pumps.

In addition, the chamber said government’s decision to suspend the GH¢1 levy also averted a price increase.

Prices of petroleum products have gone up on the world market, following the Israel Iran war in the Middle East.

The OMCs have again argued that the strong appreciation of the cedi from May 27 to June 12, 2025 also played a significant role in the reductions witnessed today June 16, 2025.

However, officials of the chamber have also maintained that if the current spike in crude prices do not cease in the coming weeks due to the Middle East tension, consumers should brace themselves for a possible price increase from July 1, 2025.

Government on fuel price review

Government has also stated that it may in the coming days announce some fresh measures to help mitigate the impact of rising prices of crude oil on the international market.

This follows President John Mahama’s directive to the Minister of Finance and Energy to come up with measures to help manage the expected shocks.

Sources close to JOYBUSINESS say the policy measures could be rolled out  before the Mid-Year Budget Review .