Fuel prices in Ghana have fallen again this week, with petrol now selling at GH₵10.75 per litre at some pumps.
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The ongoing drop is fueled by intense competition among major Oil Marketing Companies (OMCs), triggering what industry watchers call a price war.
According to Joy Business, this is the second time in a week that petroleum product prices have declined during the second pricing window of June 2025.
Star Oil, a market leader, slashed its petrol price from GH₵10.99 to GH₵10.80 on June 19, 2025. Diesel also dropped from GH₵12.77 to GH₵12.13 per litre.
Allied Oil is also reducing prices, with petrol now going for GH₵10.75 effective June 20. The company had previously offered it at GH₵10.97 on June 16.
Zen Petroleum has matched the GH₵10.75 petrol price, intensifying the competition further.
However, diesel prices have seen a slight increase compared to mid-June levels, though the reason for this trend remains unclear.
The current developments align with the goals of Ghana’s 2015 Price Deregulation Policy, which was designed to let market forces, including competition and global price movements, determine fuel pricing.
Outlook
Despite the relief at the pump, OMCs have warned that prices may rise again by July 1, especially if the ongoing conflict between Israel and Iran continues to push up global crude prices.
Crude oil has jumped from $66 to $76 per barrel since the war began.
Still, some analysts suggest that if the Ghana cedi continues to strengthen, it could help cushion consumers against future hikes, offsetting a potential 5% or more increase in global oil prices.
Fuel prices have already dropped more than six times in recent months, with the cedi’s gains playing a major role in the downward trend.
