Sells Litre of petrol at GHC10.75
The confidence demonstrated by certain Oil Marketing Companies (OMCs) in the economy, along with the effective energy policies established by the National Democratic Congress (NDC) government, has resulted in a decrease in the prices of petroleum products at the pumps once again.
This latest reduction marks the second occasion this week that fuel prices have declined at the pumps during the second pricing window of June.
According to The New Republic (TNR), this reduction is attributed to the healthy competition arising from sound policies and programs implemented by the economic managers, as well as a price war among the OMCs.
Competition in the Petroleum Products Market (Price War)
The market leader, Star Oil, announced on June 19, 2025, that it has once again lowered the price of petrol from GH₵10.99 per litre to GH₵10.80. Diesel, which was previously priced at GH₵12.77, has also been reduced to GH₵12.13 per litre.
Another significant player, Allied Oil, is set to further decrease its prices, effective June 20, 2025.
For example, on June 16, 2025, Allied Oil was selling a litre at GH₵10.97, but it is now offering a litre of petrol for GH₵10.75.
Zen Petroleum has similarly reduced the price of petrol to GH₵10.75.
A detailed examination of the prices indicates that the price of diesel has experienced a slight increase since June 16, 2025.
However, it remains unclear at this time what factors may have influenced this price movement.
One of the primary objectives of the Price Deregulation Policy introduced by the government in 2015 was to enable competition to drive prices down, in addition to responding to developments in the international market.
Outlook
Some OMCs have informed TNR that prices may rise starting July 1, 2025, if the ongoing conflict between Israel and Iran in the Middle East does not come to an end soon.
Since the onset of the war in the Middle East, crude oil prices have surged from 66 dollars per barrel to approximately 76 dollars per barrel.
However, some industry players on the other hand have also argued that if the Ghana Cedi could appreciate further in the coming days, it could make up for the anticipated 5% or more jump in crude prices on the international market.
Prices of petroleum products have dropped by more than 6 times at the pumps and industry data showed that the cedi’s appreciation played a major role.