- Fuel prices are expected to rise 1%–4% from November 17
- Increase follows COPEC’s biweekly petroleum price review
- Crude oil prices rose 2.95%, driving up local fuel costs
Oil Marketing Companies (OMCs) are expected to begin increasing fuel prices at the pumps from today, November 17.
The adjustment follows the routine biweekly review of petroleum product prices, with new data from the Chamber of Oil Marketing Companies (COPEC) projecting price hikes of 1% to 4% per litre across different fuels.
Some OMCs told JOYBUSINESS they will implement the increases immediately, while others say they will first monitor market competition before making changes.
Reasons
COPEC’s Pricing Outlook Report attributes the expected price hikes mainly to rising international crude oil prices.
Crude prices rose by 2.95% in mid-November 2025—moving from $62.82 to $64.67 per barrel—driven by heightened forecast risks linked to global tariff tensions, the U.S. government shutdown, and fresh sanctions on Russian oil.
In line with this, major petroleum products also recorded significant increases:
- Petrol: +3.85%
- Diesel: +12%
- LPG: +6.97%
Although the cedi appreciated slightly, its gains were insufficient to offset the upward pressure on fuel prices. According to some OMCs, without the cedi’s recent improvement, fuel prices would have risen even more sharply.
COPEC’s data shows that during the pricing window beginning November 16, 2025, the cedi strengthened from GH¢11.12 to GH¢10.94—a 1.57% appreciation.
Meanwhile, Databank Research predicts mild short-term pressure on the cedi due to tightening foreign exchange supply, despite an expected $300 million IMF inflow in December 2025, improved investor confidence from better credit ratings, and signs that the Bank of Ghana may reduce its support for the forex market.
Possible Price Quotes
Industry estimates suggest:
- Petrol may rise between 1.18% and 3.54%, reaching about GH¢13.15 per litre.
- Diesel prices could climb by up to 3.82%, approaching GH¢13.60 per litre.
- LPG is projected to see an increase of between 1.32% and 3.53%.
COPEC also noted that during the November 2025 pricing window, some OMCs implemented significant reductions—up to 12%, 7%, and even 4% per litre. Averaging these reductions yields about 6.96%, indicating that Ghana saw one of the largest drops in petroleum product prices this year—and possibly in many years.
