Ghana Sees Fuel Prices Drop 6% as Cedi Soars, OPEC Raises Petrol Output
Ghanaian motorists and transport operators are finally seeing some respite as lowering global oil prices and a resurgent cedi combine to...
Quick overview
- Ghanaian motorists are experiencing relief as fuel prices decrease due to falling global oil prices and a strengthening cedi.
- The cedi has appreciated over 25% against the U.S. dollar, allowing oil marketing companies to lower prices at the pump.
- Goil and Star Oil have adjusted their fuel prices downward, with Goil leading the changes in response to market conditions.
- Continued stability in the cedi and crude oil prices may lead to further affordability in fuel and potentially lower inflation expectations.
Ghanaian motorists and transport operators are finally seeing some respite as lowering global oil prices and a resurgent cedi combine to reduce domestic gasoline costs.
Fuel Prices Fall Amid Positive Currency and Crude Trends
In early June, fuel prices in Ghana were adjusted downward in line with the country’s biweekly price review mechanism, which factors in global oil benchmarks, import costs, and currency movements. The latest cut is being driven by two reinforcing developments: a steady drop in international crude oil prices and an impressive appreciation in the Ghanaian cedi.
Over the past eight weeks, the cedi has staged a strong comeback, strengthening over 25% against the U.S. dollar. The USD/GHS exchange rate has now dipped below GH¢10.25, easing pressure on importers and enabling oil marketing companies (OMCs) to pass on savings to consumers at the pump.
Oil Prices Retreat as OPEC+ Moves Cautiously
Crude oil prices have softened globally, with WTI now trading close to $64 per barrel—down sharply from the $85 level seen earlier this year. This decline stems from a combination of weaker global demand projections and restrained supply increases from OPEC+.
While many had expected a significant output hike following President Donald Trump’s return to the White House and his administration’s push for global energy abundance, OPEC+ opted to raise production by just 411,000 barrels per day for July. That decision, matching the group’s modest increases in May and June, helped avoid a supply glut while still nudging prices lower.
WTI Crude Chart Daily – The Downtrend Persists Despite Monday’s Jump
Despite a minor rebound earlier this week, WTI crude remains locked in a broader downtrend, sustaining global disinflationary momentum and helping to ease fuel prices worldwide, including in Ghana.
Goil and Star Oil Lead Domestic Price Adjustments
Among Ghana’s leading oil retailers, Goil and Star Oil have responded quickly to the improved market conditions, revising their pump prices downward.
Goil’s Updated Fuel Prices (June 2025):
- Petrol: ₵12.52 per litre (from ₵13.27)
- Diesel: ₵12.98 (from ₵13.87)
- Premium Fuel: ₵14.34 (from ₵15.27)
As the nation’s largest and wholly Ghanaian-owned OMC, Goil was one of the first to reflect both the easing crude market and the strengthening cedi in its fuel pricing.
Star Oil’s Latest Rates:
- Petrol: ₵11.77 (from ₵12.57)
- Diesel: ₵12.49 (from ₵13.49)
- Premium Fuel: ₵14.89 (unchanged)
Star Oil took a slightly more conservative approach, holding off on adjusting premium fuel rates but offering some of the lowest petrol prices currently available on the market.
Looking Ahead: Relief for Consumers, Stability for Inflation
As long as the cedi holds firm and crude oil prices remain under control, Ghanaian consumers could continue to benefit from more affordable fuel. This reprieve comes at a crucial time for transport operators, businesses, and households grappling with broader cost-of-living challenges.
Moreover, sustained fuel price moderation could have a knock-on effect on inflation expectations, providing room for the Bank of Ghana to maintain or even ease policy conditions in the second half of 2025.
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