Prices of fuel at the pumps have begun to drop following some Oil Marketing Companies (OMCs) commencing the reduction in fuel prices from November 1, 2025.
Following the reductions, Petrol is now selling at GH¢11.59, and diesel goes for GH¢12.47.
Star Oil, the leader of the Oil market in Ghana, is selling a litre of petrol at GH¢11.59, down from GH¢12.77. Also, Diesel has dropped from GH¢12.97 per litre on October 20 to GH¢12.47.
Zen Petroleum, another market player, on October 31 also reduced its prices — petrol now sells at GH¢11.97 per litre, while diesel goes for GH¢12.17.
The reduction comes following the Chamber of Oil Marketing Companies (COoMAC), in its latest outlook report, projecting a significant reduction in the price of petroleum products from November 1, 2025.
COoMAC projection details, “Petrol is expected to decline by up to 5.21% per litre, bringing the pump price down to about GH¢12.92 from the previous GH¢13.93 quoted by some oil marketing companies.
Diesel could also fall between 6.03% and 8.13%, resulting in a litre being sold at around GH¢13.10, down from GH¢14.56.
Liquefied Petroleum Gas (LPG) is projected to decrease by up to 6.66%, which will bring the price per kilogram to about GH¢13.60”.
Reports also show it will be the first time in a long while that a petroleum product records a double-digit percentage reduction within a single month.
Some OMCs are expected to start reducing their prices as early as this weekend, November 1, 2025.
However, others may wait to sell existing stock before adjusting prices next week.
The Chamber of Oil Marketing Companies added that the reason for the drop in price is driven by a drop in global crude oil prices and a strong cedi in October.
The expected drop in fuel prices will hinder the driver unions’ plans to increase transport fares.
The drop will also help keep inflation within single digits in the coming months, which will ease the prices of food, goods, and services.
Recall, the Ghana Private Road Transport Union (GPRTU) had revealed plans to increase transport fares if fuel prices fail to remain stable.
According to the Deputy Public Relations Officer of the GPRTU, Samuel Amoah, the rising fuel costs and the spare parts dealers’ refusal to reduce prices have forced the union to consider adjusting transport fares.
Speaking to Eyewitness News, Samuel Amoah stated, “When we were asked to reduce our transport fare by 15%, the fuel price was around 12.59p for diesel, and the petroleum too was around 11.34p”.
“After that, the expectation was that maybe the fuel price was going to remain the way it was, but then we noticed that it kept going up. At the same time, we are also complaining about the cost of spare parts and other components that we use to run our business.”
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