- Fuel prices to fall sharply from November 1, 2025, per COoMAC report
- Driven by lower global oil prices and cedi appreciation (11.22%) in October
- Crude oil now at $62.82/barrel, a five-month low
Fuel prices at the pump are projected to decline sharply from November 1, 2025, according to the latest outlook report by the Chamber of Oil Marketing Companies (COoMAC), which serves as a pricing guide for Ghana’s oil marketing firms, JoyBusiness has learned.
Projected Adjustments
- Petrol: Prices are expected to fall by up to 5.21% per litre, from GH¢13.93 to around GH¢12.92.
- Diesel: Could decrease between 6.03% and 8.13%, settling at roughly GH¢13.10 per litre, down from GH¢14.56.
- LPG: Anticipated to drop by 6.66%, bringing the price to about GH¢13.60 per kilogram.
If implemented across all 200+ oil marketing companies, this would represent the largest fuel price reduction of 2025—and the first time in years that petroleum products have seen a double-digit percentage drop within a single month, a development analysts describe as historic.
Some companies are expected to start adjusting prices as early as November 1, while others may wait to exhaust existing stock or recalibrate pumps before making changes next week.
Reasons for the Decline
COoMAC attributes the expected reductions to two main factors:
- A fall in global crude oil prices, and
- The strong appreciation of the Ghanaian cedi throughout October.
The report notes that between October 16 and the end of the pricing window, the cedi strengthened from GH¢12.63 to GH¢11.21 per US dollar—an 11.22% gain that nearly offsets the 13.33% depreciation recorded in the third quarter.
Analysts link the currency’s rebound to the Bank of Ghana’s shift to spot forex sales, which improved market liquidity and efficiency.
On the global market, crude oil prices dropped to a five-month low, declining 6.49% to $62.82 per barrel, amid escalating US-China trade tensions and concerns about a supply glut in late 2025. Prices of refined products also fell, with petrol (-3.30%), diesel (-2.48%), and LPG (-2.35%) recording notable decreases.
Market Impact
The anticipated reductions could ease pressure from driver unions demanding higher transport fares and help moderate inflation, as lower fuel costs reduce prices of goods, food, and services nationwide—ultimately lowering the cost of living.
