Ghanaian Fuel Prices to Drop: Relief for Consumers

Ghanaian Fuel Prices to Drop Amidst Strong Cedi and Softening Global Market: Relief for Consumers Ghanaian consumers will see a decrease in fuel prices starting today, May 16th, 2025. This price reduction, according to the Chamber of Oil Marketing Companies (COMC), is due to two main factors: the strengthening of the Ghanaian cedi and a decline in global refined petroleum product prices. Speaking to Joy Business, Dr. Opoong, the chief executive officer of Cormack, a major oil marketing company, confirmed the price reduction. "The price reduction is largely driven by favorable foreign exchange conditions and softening international oil prices," he stated. Cormack reports that benchmark crude oil prices have fallen by 13% to 15%. This news brings welcome relief to Ghanaians who have been grappling with high fuel costs. The decline in prices is expected to have a positive impact on the cost of transportation and other goods and services.