FUEL PRICES SET TO BE REDUCED BY SIGNIFICANT MARGIN FROM NOV. 1
Petrol and diesel prices are projected to drop by 5-8% in what would be the largest single reduction in 2025, driven by falling global crude prices and a stronger cedi.
Ghanaian consumers are set to receive welcome relief at the pumps as petroleum prices are projected to drop significantly starting November 1, 2025, in what would be the largest fuel price reduction this year.
According to the latest outlook from the Chamber of Oil Marketing Companies (COoMAC), petrol is expected to decline by up to 5.21%, bringing the pump price to approximately GH¢12.92 per litre from the current GH¢13.93. Diesel could see an even steeper drop of 6.03% to 8.13%, potentially lowering prices to around GH¢13.10 per litre from GH¢14.56.
Liquefied Petroleum Gas (LPG) is also projected to decrease by up to 6.66%, reducing the cost per kilogram to about GH¢13.60. This would mark the first time in months that a petroleum product has experienced a double-digit percentage reduction within a single pricing window.
The significant price adjustments are attributed to two key factors: a sharp decline in global crude oil prices, which fell to a five-month low of $62.82 per barrel, and the strong appreciation of the cedi, which gained 11.22% against the US dollar in October.
The expected price cuts are likely to ease pressure on driver unions who have been advocating for transport fare increases and could help maintain single-digit inflation by reducing costs across the food, goods, and services sectors. While some oil marketing companies may implement the new prices as early as November 1, others may wait to sell existing stock before adjusting their pumps.
Source:NKONKONSA.com
