Fuel Prices Set to Rise from October 1

October 1,2025 

Ghanaian consumers should brace for higher fuel costs at the pumps starting Wednesday, October 1, as petroleum product prices are expected to increase marginally across the board.

Projected Price Adjustments

According to the latest outlook report from the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketing firms, the following increases are anticipated:

• Petrol: Up to 2.47% increase per litre, with pump prices expected to reach approximately GH₵14.52 per litre
• Diesel: Between 1.36% and 3.41% increase, potentially selling at GH₵15.17 per litre
• Liquefied Petroleum Gas (LPG): An increase ranging from 2.01% to 4.01%

Driving Factors Behind the Increase

The impending price hike stems from two primary factors affecting Ghana's petroleum market:

Cedi Depreciation

The local currency has continued its seasonal decline against the US dollar during the review period, weakening from GH₵12.07 to GH₵12.40—a 2.74% drop. This brings total losses for the third quarter of 2025 to 15.09%, with no gains recorded during the period.

COMAC attributes the depreciation to limited foreign exchange supply, compounded by rising year-end imports that place additional pressure on the currency in Ghana's import-dependent economy.

Rising International Product Prices

International crude oil prices have climbed by 1.57%, rising from $67.39 to $68.45 per barrel. Brent crude is forecast to rebound close to $70 per barrel, driven by heightened geopolitical risks and renewed supply concerns.

Market Response

Several major oil marketing companies, including GOIL, Shell, and Market Star Oil, have already adjusted their pump prices upward since September 23, 2025. Industry sources indicate these earlier adjustments were necessitated by recent pressure on the Ghana cedi.

It remains unclear whether these firms will implement additional price increases this week in line with COMAC's latest projections.

The continued upward trend in fuel prices is expected to have ripple effects across Ghana's economy, potentially impacting transportation costs and the prices of goods and services.