Collins Sefa Oil Marketing Companies (OMCs) in Ghana have begun revising pump prices in line with industry forecasts, with mixed changes across petrol and diesel products.
- At Goil, petrol now sells at GH¢12.90 per litre, up slightly from GH¢12.88. Diesel, however, has dropped to GH¢13.90, down from GH¢14.30.
- Shell has also adjusted its prices, with petrol now pegged at GH¢13.59 per litre, compared to GH¢12.89 previously.
Meanwhile, Star Oil, the market leader, has announced that its prices will remain unchanged until September 15, 2025. The company is currently retailing petrol at GH¢12.77 per litre and diesel at GH¢13.35 per litre.
Projections Versus Reality
Last week, the Chamber of Oil Marketing Companies (COMC) projected that petrol prices would rise between 3.86% and 5.40% per litre from September 1, potentially reaching GH¢13.67. Diesel was expected to climb by 3.39% to about GH¢14.35, while LPG was forecasted to rise by as much as 4.57% per kilogram.
However, the Chamber later noted that some OMCs had revised downward the extent of the increases, with a few even reducing diesel prices.
Why the Adjustments?
According to the Chamber, the main driver of price hikes has been the cedi’s depreciation against the US dollar, which slipped from GH¢10.71 to GH¢11.20 over the past month—a 3.98% drop, the steepest decline this year.
Interestingly, crude oil prices on the global market have actually fallen:
-
Petrol by 0.45%
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Diesel by 3.73%
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LPG by 1.73%
Despite this, domestic prices have trended upward due to currency pressures and recurring supply challenges.
Supply Challenges Add Pressure
Market watchers also point to the recently introduced one-cedi levy on petroleum products as a contributing factor.
In addition, supply shortages, especially for petrol, hit the market earlier in August. This forced some OMCs to increase their pump prices mid-cycle, ahead of the standard review period.
