Fuel prices expected to drop significantly – COPEC

Owing to the Ghanaian cedi rise against the dollar, Oil Marketing companies are expected to reduce fuel prices significantly, Executive Director of Chamber of Petroleum Consumers (COPEC) has said.

Duncan Amoah in an interview on TV3’s News Central noted that the COPEC has observed that only two Oil Marketing Companies have reduced their fuel prices as of May 16, 2025.

In the second pricing window, fuel prices expected to decrease by 8.8%. According to him, prices of petrol at the pumps are expected to decrease between 3% to 5%, diesel to be reduced between by 4% to 8% and LPG about 10%.

He confirmed that GOIL has reduced its petrol prices by 32 pesewas.

“Indeed, prices are expected to go down today. What I can confirm is that we have only observed two marketing companies that have so far adjusted their prices downwards.

“GOIL has done so. Indeed, we would have expected the numbers to a bit deeper than what we have recorded so far but the entire OMC spectrum is not out yet so we cannot say if the others will do more or stay around the same 32 pesewas drop as we are seeing from GOIL.

“It is early days yet and maybe we should give them a few more days but the expectation is that they will go down and go down significantly,” he stated.

Duncan Amoah insisted that by close of Friday, May 16, 2025 most of the Oil Marketing Companies are expected to pass on the relieve to Ghanaians as expected.

“Anything rather than this we will be advising Ghanaians to boycott some of the OMCs that are clearly refusing to adjust prices,” he added.

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