GOIL is the first Oil Marketing Company (OMC) to start modifying pricing at the pumps. The price of a liter of gasoline has increased from GH¢12.99 on September 2, 2025 to GH¢13.38 today. The price of diesel has also gone up from GH¢13.90 to GH¢14.20 per liter.
Despite estimates that prices should have increased by roughly 6% per litre starting on September 16, the majority of OMCs maintained theirs the same for approximately a week. GOIL, the second-largest participant in the market, is the first to modify prices.
Whether GOIL’s action will lead to comparable rises among the more than 200 OMCs in the country is unknown to industry observers.
Previously, the Chamber of Oil Marketing Companies (COMAC) predicted that:
- Petrol prices could rise by 3.66% to 5.86%, reaching around GH¢14.17 per litre.
- Diesel could increase by 2.12% to 4.32%, potentially hitting GH¢14.67 per litre.
- Liquefied Petroleum Gas (LPG) may rise by 2.23% to 4.23%, retailing at about GH¢14 per kilogram.
Causes of the rise
The devaluation of the Ghanaian cedi in relation to the US dollar is the primary cause of the adjustment.
According to Bloomberg, the cedi’s year-to-date loss has reached 14.02%, one of the highest in the world. During the review period, the cedi went from GH¢11.20 to GH¢12.07 to the dollar, a 7.76% decline.
According to COMAC, “the decline is primarily due to strong demand for the dollar for imports ahead of the festive season.”
In fact, the prices of crude oil and refined petroleum products decreased on the global market: LPG fell by 2.69%, diesel by 4.12%, and petrol by 2.52%.
COMAC emphasized that domestic price rises are inevitable because the devaluation of the local currency has counterbalanced these decreases.
