Some relief has arrived for motorists across Ghana as several Oil Marketing Companies (OMCs) slashed prices of petroleum products at the pumps starting today, June 16, 2025 — a move largely attributed to the recent strength of the Ghana cedi and targeted government interventions.
Leading the cuts is market giant Star Oil, now selling a litre of petrol at GH¢11.57. Although diesel prices remain unchanged at GH¢12.49 at Star Oil outlets, the company is hinting at possible further reviews in the coming days.
Other industry players have followed suit. Shell, one of the major international brands, has cut petrol prices from GH¢12.98 to GH¢11.98 per litre. Diesel at Shell pumps now goes for GH¢12.85, a slight drop from the previous GH¢12.89.
Allied Oil has taken a more aggressive approach, pricing petrol at GH¢10.97 per litre — down from GH¢11.45 — and reducing diesel from GH¢12.75 to GH¢12.45. Some independent retailers are quoting even lower prices, with petrol selling for as low as GH¢10.99 at selected stations.
OMCs that are yet to adjust their prices have told JOYBUSINESS that changes are likely to take effect before the end of the day.
According to the Chamber of Oil Marketing Companies, the primary catalyst for the price drops is the recent appreciation of the Ghana cedi against the US dollar. From May 27 to June 12, 2025, the local currency made strong gains, easing pressure on import costs for refined petroleum products.
The chamber also pointed to the government’s decision to temporarily suspend the GH¢1 petroleum levy, which helped prevent a potential price hike despite global market turbulence caused by the ongoing Israel-Iran conflict.
Without this cedi appreciation and tax relief, fuel prices at the pump could have soared even higher due to the sustained rise in global crude oil prices triggered by geopolitical tensions in the Middle East.
While consumers are benefiting now, the outlook remains uncertain. The Chamber of OMCs has cautioned that unless global oil prices stabilize soon, Ghanaians may face fresh increases at the pumps starting July 1, 2025.
This has prompted a directive from President John Dramani Mahama to the Ministers of Finance and Energy to devise emergency measures aimed at cushioning citizens from future shocks.
Sources close to JOYBUSINESS reveal that these policy responses — possibly including subsidies, buffer fund drawdowns, or further tax adjustments — could be unveiled ahead of the Mid-Year Budget Review.
For now, Ghanaian drivers can enjoy a temporary breather at the pump. But with crude oil prices still volatile and tensions in the Middle East far from resolved, the long-term stability of fuel prices in Ghana remains uncertain. The coming weeks — and how the government responds — will be crucial.
