Fuel Price Cuts Begin: Petrol Drops to GH₵14.37, Diesel to GH₵15.67

Some oil marketing companies (OMCs) in Ghana have begun to reduce fuel prices at the pump, effective March 18, 2025.

This adjustment follows a global drop in oil prices, providing some relief to consumers.

GOIL has slashed the price of petrol to GH₵14.99 per litre, while diesel is now priced at GH₵15.42. Star Oil, another key player in the market, has reduced its petrol price to GH₵14.37 per litre, and diesel is now selling for GH₵15.67.

TotalEnergies also joined in, cutting petrol prices from GH₵15.79 to GH₵15.49 and reducing diesel prices from GH₵15.79 to GH₵15.49.

However, not all Oil Marketing Companies have fully embraced the reduction, leaving some consumers disappointed.

The Chamber of Petroleum Consumers (COPEC) has voiced strong discontent with many companies, accusing them of not passing on the full benefits of lower global fuel prices to consumers.

COPEC had previously projected a 4.5% reduction in petrol prices, 3.8% for diesel, and 3.9% for Liquefied Petroleum Gas (LPG) by March 16, 2025.

Unfortunately, while some companies have made minor reductions, many have failed to meet the expected price cuts.

The results have led to frustration, as prices remain high, despite the international oil market favoring lower prices.

Duncan Amoah, Executive Secretary of COPEC, criticized the actions of the OMCs. He argued that their failure to implement full price reductions goes against the spirit of the deregulation policy that allows fuel prices to be determined by market forces.

“When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favor reductions, they delay.

The highest reduction we have recorded so far is only 2.2%, which is far from the 3% to 7% reductions that consumers were expecting,” Amoah said.

He also urged regulatory authorities to step in and ensure that OMCs comply fully with the expected price reductions, stressing that consumers should not bear the brunt of the delay in adjustments.

This development has left many questioning whether the benefits of deregulation are truly being passed on to the consumer.