Ghana to See 9% Fuel Price Reduction as Cedi Strengthens – ASEC Forecasts

/ Petrol expected to drop to GH¢12.00–12.60 per litre, diesel to GH¢12.60–13.20, as strong cedi and falling global oil prices ease cost pressures.

੦ Petrol Price Drop: Forecasted to fall by 5–9%, landing between GH¢12.00 and GH¢12.60 per litre.

੦ Diesel Price Cut: Expected to range from GH¢12.60 to GH¢13.20 per litre.

੦ Stronger Cedi: The key driver behind the upcoming price relief.

੦ Oil Market Trends: Global crude prices have fallen from $85 to around $64 per barrel.

ASEC predicts a 9% drop in fuel prices, crediting the Ghanaian cedi’s recent strong
performance on the market.

Ghanaians may soon enjoy a significant reduction in fuel prices, with the Africa Sustainable Energy Centre (ASEC) projecting a 5–9% drop in the upcoming pricing window.

In a market statement released on May 30, 2025, ASEC attributed the expected price relief primarily to the recent appreciation of the Ghanaian cedi against the US dollar. This has reduced the cost of importing petroleum products.

“Petrol is expected to retail between GH¢12.00 and GH¢12.60 per litre, while diesel could drop to GH¢12.60 to GH¢13.20, compared to previous highs,” the report noted.

ASEC’s analysis also highlighted a broader global oil price dip, with crude oil prices falling from around $85 in January to $64 per barrel currently. While this has contributed to easing price pressures, the cedi’s exchange rate performance is the dominant factor in the local market context.

The Centre also projected continued global oil market stability through the rest of 2025, with average crude prices ranging between $62 and $65 per barrel, driven by:

READ MORE: Odike Urges Bank of Ghana to Cap Cedi’s Rise — Lists 4 Reasons Why Ghana Doesn’t Need a Strong Currency

👉 Increased OPEC+ production, and

👉 Lower global demand, particularly in the US and China, amid persistent trade tensions.

However, ASEC warned of potential downside effects:

“Though consumers will benefit from lower fuel prices, the government could see reduced revenue from crude exports, potentially pushing for higher domestic production to offset the shortfall.”

⛽ What It Means for You:
This fuel price drop brings short-term relief to motorists, transport operators, and businesses struggling with high operational costs. But it's also a double-edged sword for national revenue, especially in an oil-producing country like Ghana.

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