Ghana: Petrol And Diesel Prices Drop Significantly

Some Oil Marketing Companies (OMCs) in Ghana have reduced their pump prices for petrol and diesel in the first pricing window of May 2025. Both petrol and diesel prices have decreased by an average of Gh₵0.80 across retail outlets of various OMCs.

The reduction is significant compared to the decrease in the second pricing window of April. In the second pricing window of April, which began from April 16 to 30, petrol was sold between Gh₵14.50 and Gh₵13.87 per liter, while diesel was sold between Gh₵14.77 and Gh₵15.30.

As of Monday, May 5, 2025, some OMCs adjusted their prices, with petrol selling between Gh₵12.99 and Gh₵13.79, and diesel selling between Gh₵13.99 and Gh₵14.89 per liter.

The reduction in fuel prices is attributed to the decrease in refined petroleum product prices on the international market and the relative stability of the local currency, the cedi, in recent days. As of Monday, May 5, 2025, the average interbank exchange rate for a US dollar was Gh₵13.6568.

In Ghana, fuel prices are reviewed daily by OMCs based on fluctuations in key factors such as exchange rates, refined petroleum product costs, and inflation.

In contrast, fuel prices are reviewed monthly in other parts of Africa.

• GOIL: Petrol (Ron 91) – Gh₵13.69, Petrol (Ron 95) – Gh₵14.41, Diesel – Gh₵15.11
• Shell: Petrol – Gh₵13.79, Diesel – Gh₵14.89, Shell V-Power – Gh₵15.49
• TotalEnergies: Petrol – Gh₵13.75, Diesel – Gh₵14.75, Total Excellium – Gh₵16.10
• Star Oil: Petrol (Ron 91) – Gh₵12.99, Petrol (Ron 95) – Gh₵13.99, Diesel – Gh₵15.25
• Zen: Petrol – Gh₵12.87, Diesel – Gh₵13.95
• Allied: Petrol – Gh₵12.99, Diesel – Gh₵13.99
• Goodness: Petrol – Gh₵12.89, Diesel – Gh₵13.89
• PETROSOL: Petrol – Gh₵13.68, Diesel – Gh₵14.74

Other OMCs are yet to review their pump prices.

Meanwhile, according to the Chamber of Bulk Oil Companies (CBOD), the Bank of Ghana’s (BoG) biweekly FX auction to Bulk Oil Distribution Companies (BIDECs) in the May 1-15, 2025, pricing window for the purchase of petroleum products was US$20 million, representing just 22% of BIDECs’ bid.

The FX rate at which the BoG auctioned to BIDECs declined from Gh₵15.5573 to Gh₵14.2877 per USD in the current window, representing an appreciation of 8.16%.

It is expected that the government’s fiscal policy measures outlined in the 2025 Budget, if implemented, will stabilize the cedi and pump prices.

Source:https://energynewsafrica.com