Consumers can expect some relief at the pumps starting Friday, May 16, 2025, as prices of petroleum products are set to decline, according to the Chamber of Oil Marketing Companies (COMAC).
The reduction in the second pricing window of May is being driven by two key factors: the recent appreciation of the Ghana cedi and falling global prices of finished petroleum products.
COMAC’s Chief Executive, Dr. Riverson Oppong, confirmed the development in an interview, explaining that foreign exchange rates play a major role in determining fuel prices in Ghana.
“One of the biggest components in pricing petroleum products is the forex rate. A stable or appreciating cedi allows prices to come down at the pumps,” he said.
Dr. Oppong noted that the cedi’s strength, coupled with declining benchmark crude oil prices and a weakening U.S. dollar, has created favourable conditions for price reductions.
“Right now, we’re seeing average price drops of 13% to 15% across petroleum products. If these trends continue, Ghanaians should see further relief in fuel costs,” he revealed.
The cedi’s recent performance has been remarkable.
In the retail market, it gained 6.25% against the U.S. dollar week-on-week, cementing its position as the best-performing currency among 15 Sub-Saharan African peers.
Its year-to-date gain now stands at 16.29%, trading at a mid-rate of GH¢13.60 to the dollar.
The local currency also strengthened against the pound (up 7.61%) and the euro (up 5.81%) over the same period, driven by improved market liquidity, including a supply of US$378.6 million.
In the interbank market, the cedi is trading at GH¢12.89 to the dollar.
Adding to the positive momentum, Ghana received a credit rating upgrade from S&P Global Ratings, which moved the country’s foreign currency credit rating from ‘Selective Default’ to ‘CCC+/C’.
The agency cited Ghana’s economic growth, fiscal reforms, and improved external position as key drivers of the upgrade.
While the drop in fuel prices is welcome news, many are now asking: will lorry fares follow suit?
For now, all eyes are on transport unions and regulators to see if the coming days will bring broader relief for commuters.
