Several Oil Marketing Companies (OMCs) in Ghana began reducing their fuel prices at the pumps this morning, June 16, 2025. Some selected stations are now quoting petrol at an attractive GH¢10.99 per litre.
Market leader Star Oil has set its petrol price at GH¢11.57 per litre, though its diesel price remains at GH¢12.49. Indications suggest that Star Oil might implement further price reviews soon.
Another major player, Shell, has reduced its petrol price to GH¢11.98 per litre, down from GH¢12.98 on June 3, 2025. Their diesel now sells for GH¢12.85, a slight decrease from GH¢12.89. Allied Oil has also cut prices, with petrol dropping from GH¢11.45 to GH¢10.97 per litre and diesel from GH¢12.75 to GH¢12.45.
Some OMCs said they are working to finalize their price reviews by the end of today.
Reasons Behind the Price Cuts
The Chamber of Oil Marketing Companies attributes these reductions primarily to the cedi’s continuous appreciation against the US Dollar. Additionally, the government’s decision to suspend the GH¢1 fuel levy played a crucial role in preventing a price increase.
Despite a global rise in petroleum product prices due to the Israel-Iran conflict in the Middle East, the OMCs emphasized that the cedi’s strong performance between May 27 and June 12, 2025, significantly contributed to today’s price drops.
However, the chamber also cautioned that if the current spike in crude prices continues in the coming weeks due to Middle East tensions, consumers should brace for a potential price increase starting July 1, 2025.
Government’s Response
The government has indicated it may soon announce fresh measures to mitigate the impact of rising international crude oil prices. This comes after President John Mahama directed the Ministers of Finance and Energy to devise strategies to manage the expected economic shocks.
