Fuel Prices Expected to Drop by 5% and 9% in June Pricing Window

• Fuel prices in Ghana are projected to fall by 5% to 9% in the first pricing window of June 2025
• The Africa Sustainable Energy Centre attributed this to a stronger cedi and falling crude oil prices
• Petrol could sell between GH¢12 and GH¢12.60, while diesel could sell between GH¢12.60 and GH¢13

Fuel prices are expected to fall significantly - between five and nine percent - in the first pricing window of June 2025.

This is according to a forecast released by the Africa Sustainable Energy Centre (ASEC).

According to the ASEC forecast, a litre of petrol is expected to be sold at various fuel stations across the country between GH¢12.00 and GH¢12.60, while diesel could sell between GH¢12.60 and GH¢13.00.

Ghana adjusts its fuel pricing every two weeks, factoring in global oil price shifts, exchange rate fluctuations, and import expenses.

Ghana's fuel price drop attributed to cedi

Read also

Airlines less optimistic for 2025, facing 'headwinds': IATA

Although the recent surge of the cedi against major trading currencies has reduced import costs on petroleum products, the drop in global crude oil prices, from around $85 per barrel in January to approximately $64 now, has contributed to the fall in fuel prices.

ASEC explained that since petroleum imports are priced in dollars, a stronger cedi has reduced import costs for oil marketing firms, which is expected to translate into lower prices at the pumps.

“Because petroleum imports are dollar-denominated, a stronger cedi means lower procurement costs for oil marketing companies, which should translate into reduced prices at the pumps,” ASEC said in a press release.

Should the ASEC forecast come true, this would be the second time fuel prices have dropped since the beginning of the year.

When fuel prices were reduced earlier, the Ghana Private Road Transport Union (GPRTU) announced a 15 percent reduction in fares across the country.

Read also

Key climate target of airline decarbonisation 'in peril': IATA

This anticipated decline in fuel prices is also expected to ease transportation costs, reduce overall inflation, and offer short-term relief to households and businesses.

Despite the relief this would bring to drivers and passengers, ASEC has warned that declining oil prices might negatively impact government revenue.

The Facebook post about the projected fuel price drop is below:

Ghanaians react to ASEC’s fuel price forecast

Ghanaians on social media have reacted to ASEC's forecast of a further drop in fuel prices.

YEN.com.gh compiled a few of the reactions below:

@Abega Rao said:

"Unless you're an importer...otherwise even lorry Fares only came down in accra...even so the 15% is not working."

@Humble Gyakyeba also said:

"No covid excuse. No Russia-Ukraine war excuse. E-levy, betting tax, vehicle insurance tax all cancelled. Dollar from 16 to 10. Fuel dropping at every pricing window."

@Eman Prat commented:

"Fuel stations are also reducing their litres measuments. People should look out. Some are cheating."

Read also

Oil under $65 a boon for consumers, but a burden on producers

Drivers reportedly flaunt GPRTU directive

Earlier, YEN.com.gh reported that some commercial drivers refused the GPRTU's directive to reduce fares to reflect the fuel price drop.

In a video on social media, one of the drivers said that they would only reduce fares if traders in the country reduced prices of food.

Netizens who saw the clip expressed mixed reactions at his remarks, as some supported his comments while others called him out.

Proofreading by Bruce Douglas, copy editor at YEN.com.gh.

Source: YEN.com.gh