The prices of petroleum products at the pump have once again been lowered by certain Oil Marketing Companies (OMCs). For the second June pricing window, fuel prices have decreased at the pumps for the second time this week.
JOYBUSINESS is aware that a pricing war among some of the top OMCs is the reason for the drop.
Price war competition in the petroleum products market
On June 19, 2025, market leader Star Oil declared that it had once again reduced the price of gasoline from GH₵10.99 per liter to GH₵10. 80.
Diesel used to retail at GH₵12.77 per liter, but now it just costs GH₵12.13.
With effect from June 20, 2025, Allied Oil, another significant participant, will also significantly reduce its rates.
For example, on June 16, 2025, Allied Oil was offering a liter for GH₵10.97. A liter of gasoline is currently being sold by the corporation for GH₵10.75.
Additionally, Zen Petroleum has reduced the price of gasoline to GH₵10.75.
A close examination of the prices shows that since June 16, 2025, the price of diesel has increased slightly.
What may have caused the price movement is currently unknown.
Apart from changes in the global market, one of the primary goals of the government’s 2015 Price Deregulation Policy was to let competition drive down prices.
However, several OMCs have told JOYBUSINESS that if the ongoing conflict between Israel and Iran in the Middle East does not end quickly, prices may start to rise on July 1, 2025.
Crude oil prices have risen from $66 per barrel to over $76 per barrel since the start of the Middle East conflict.
On the other side, several industry participants have countered that the expected 5% or more increase in oil prices on the global market could be offset if the Ghana Cedi were to gain further value in the days ahead.
According to industry data, the cedi’s appreciation was a major factor in the more than six-fold decrease in petroleum product prices at the pump.
