Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pump, with GOIL taking the lead in implementing the latest changes.
As of now, petrol is selling at GH¢13.38 per litre, up from GH¢12.99 on September 2, 2025. Diesel has also risen to GH¢14.20 per litre, from the previous GH¢13.90.
GOIL, currently the second-largest OMC in Ghana, is the first major player to revise prices following a week-long period during which most companies kept prices unchanged. This is despite earlier forecasts indicating a likely increase of about 6% per litre from September 16.
It remains uncertain whether GOIL’s price adjustments will prompt similar actions from other OMCs, of which there are over 200 across the country.
Price Projections by COMAC
The Chamber of Oil Marketing Companies (COMAC) had projected the following potential adjustments:
- Petrol: 3.66% to 5.86% increase, possibly reaching GH¢14.17 per litre
- Diesel: 2.12% to 4.32% rise, potentially up to GH¢14.67 per litre
- LPG: 2.23% to 4.23% increase, to around GH¢14 per kilogram
What’s Driving the Price Hike?
The main factor behind the local price increase is the depreciation of the Ghana cedi against the US dollar.
According to COMAC, the cedi weakened from GH¢11.20 to GH¢12.07 during the recent pricing window—a 7.76% drop—bringing the total year-to-date depreciation to 14.02%, one of the steepest globally, per Bloomberg.
“The decline is largely due to increased demand for the dollar to support imports ahead of the festive season,” COMAC explained.
Interestingly, global market prices for petroleum products actually fell during the period:
- Petrol: ↓ 2.52%
- Diesel: ↓ 4.12%
- LPG: ↓ 2.69%
Despite this, the local currency’s sharp depreciation has outweighed the impact of falling global oil prices, making domestic fuel price increases unavoidable, COMAC noted.
