Fuel prices set to be reduced by a significant margin from Nov. 1

The price of petroleum products is expected to drop significantly at the pumps from November 1, 2025.

This projection is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COoMAC), which guides the pricing decisions of oil marketing companies in Ghana, as seen by JoyBusiness.

Projected Adjustments

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.

If all 200-plus oil marketing companies apply these reductions, this could mark the biggest drop in fuel prices so far in 2025.

It would also be the first time in a long while that a petroleum product records a double-digit percentage reduction within a single month—an event described as historic by market watchers.

Based on market trends and industry practice, some OMCs may start reducing their prices as early as this weekend, November 1, 2025, while others may wait to sell existing stock or recalibrate their pumps before adjusting prices next week.

Reasons

According to the Chamber of Oil Marketing Companies, the expected reduction is driven by a drop in global crude oil prices and the strong appreciation of the cedi in October.

Both factors, the report said, played “an instrumental role in the projected price decreases at the pumps.”

The Chamber noted that from the October 16, 2025, pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar, marking an 11.22% gain.

This rebound nearly offsets the 13.33% depreciation recorded in the third quarter, signalling renewed investor confidence and improved currency stability.

Some analysts attribute the cedi’s rally to the Bank of Ghana’s shift to spot forex sales, which enhanced market efficiency and improved dollar liquidity.

On the international front, crude oil prices fell to a five-month low, dropping sharply by 6.49% to $62.82 per barrel, driven by escalating US-China trade tensions and concerns over a potential supply glut in the last quarter of 2025.

Prices of finished petroleum products also declined, with petrol, diesel, and LPG recording respective drops of -3.30%, -2.48%, and -2.35%.

Market Impact

The expected price cuts are likely to dampen calls by driver unions for an increase in transport fares, which have gained momentum in recent weeks.

The reductions could also help keep inflation within single digits in the coming months, as lower fuel costs ease the prices of food, goods, and services — ultimately reducing the cost of living nationwide.

Source: Joy News