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Fuel prices at the pumps are on the rise again, with state-owned GOIL becoming the first Oil Marketing Company (OMC) to adjust prices in the latest review window.
As of Tuesday, September 23, a litre of petrol is selling at GH¢13.38, up from GH¢12.99, while diesel has climbed to GH¢14.20 per litre, up from GH¢13.90.
GOIL, Ghana’s second-largest player in the downstream sector, is the first to adjust prices after most OMCs held their rates steady for about a week, despite market expectations of an upward revision. Industry analysts say it remains to be seen whether the move will trigger similar adjustments across the country’s more than 200 OMCs.
Projected increases
The Chamber of Oil Marketing Companies (COMAC) had earlier projected that:
• Petrol prices could rise between 3.66% and 5.86%, reaching around GH¢14.17 per litre.
• Diesel could climb by 2.12% to 4.32%, potentially hitting GH¢14.67 per litre.
• Liquefied Petroleum Gas (LPG) may increase by 2.23% to 4.23%, retailing at about GH¢14 per kilogram.
Unlike previous adjustments driven by global oil prices, this round of increases is being fuelled mainly by the depreciation of the Ghana cedi against the US dollar.
COMAC reported that the cedi fell from GH¢11.20 to GH¢12.07 to the dollar during the review period, a 7.76% drop, bringing its year-to-date loss to 14.02%. Bloomberg has ranked the cedi among the worst-performing currencies globally in 2025.
“The decline is primarily due to strong demand for the dollar for imports ahead of the festive season,” COMAC explained.
Interestingly, global market prices for crude oil and refined petroleum products actually declined in the same period — petrol by 2.52%, diesel by 4.12%, and LPG by 2.69%. However, the cedi’s sharp fall has offset these reductions, making domestic price increases unavoidable.
With the festive season approaching and demand pressures expected to persist, consumers could face further hikes if the local currency continues to weaken.