Fuel Prices Surge to GH¢13.38 for Petrol and GH¢14.20 for Diesel

Accra ,Ghana - September 23,2025 - Ghanaian motorists are facing another increase in fuel prices, with petrol now retailing at GH¢13.38 per litre and diesel at GH¢14.20 per litre. The price hike, implemented by some Oil Marketing Companies (OMCs), including GOIL, Ghana's second-largest OMC, is attributed to the continued depreciation of the Ghanaian cedi against the US dollar.

Reasons Behind the Price Increase

The Chamber of Oil Marketing Companies (COMAC) notes that the cedi's depreciation is the primary driver of the price adjustment. During the review period, the cedi fell from GH¢11.20 to GH¢12.07 to the dollar, representing a 7.76% drop and bringing its year-to-date loss to 14.02%. COMAC attributes this decline to strong demand for dollars ahead of the festive season.

Projected Future Prices

Industry analysts project further price increases, with petrol potentially rising to GH¢14.17 per litre and diesel to GH¢14.67 per litre. Liquefied Petroleum Gas (LPG) may also increase, retailing at around GH¢14 per kilogram. The projected adjustments are based on the current exchange rate trends and global oil prices.

Impact on Consumers and Economy

The fuel price hikes are expected to have a ripple effect on transportation costs, food prices, and general inflation, particularly as the country approaches the festive season. Transport operators and consumer groups have expressed concerns over the impact of higher fuel prices on household budgets and small businesses, many of which are already grappling with high inflation and weak purchasing power.

Industry Response

GOIL's decision to adjust prices may set the tone for similar increases across the more than 200 OMCs nationwide. While other OMCs have yet to follow suit, industry watchers are closely monitoring the situation, anticipating potential price adjustments in the coming days.

Global Market Trends

Despite the local price increases, global crude oil and refined petroleum product prices have actually fallen, with petrol down by 2.52%, diesel by 4.12%, and LPG by 2.69%. However, the depreciation of the Ghanaian cedi has offset these declines, making domestic price increases unavoidable.

Credit - Joy News