Motorists and businesses face another round of fuel price hikes starting Monday, November 17, 2025, as Oil Marketing Companies (OMCs) implement adjustments in line with rising global crude oil costs.
The Chamber of Petroleum Consumers (COPEC) has forecasted increases of 1% to 4% per litre across petrol, diesel, and LPG, marking the end of a brief period of relative stability at the pumps.
The upward revision comes despite a 1.57% appreciation of the cedi against the dollar—from GH¢11.12 to GH¢10.94—during the November 16 pricing window.
While the local currency’s strength mitigated sharper spikes, it was insufficient to offset international market pressures.
Key Drivers of the Increase
According to COPEC’s Pricing Outlook Report, the primary trigger is a 2.95% climb in Brent crude oil prices, from $62.82 to $64.67 per barrel in mid-November. This surge is linked to:
Global tariff tensions under the new U.S. administration
Sanctions on Russian oil exports
Supply disruptions amid geopolitical risks
Refined product prices followed suit:
Petrol: +3.85%
Diesel: +12%
LPG: +6.97%
“Without the cedi’s gains, prices could have risen by double digits,” a senior OMC executive told Joy Business. “But global fundamentals are firmly in control.”
Projected Pump Prices (Indicative)
Product
Current Avg. (GH¢/L)
Projected Increase
New Range (GH¢/L)
Petrol
~GH¢12.70
1.18% – 3.54%
GH¢13.00 – GH¢13.15
Diesel
~GH¢13.10
Up to 3.82%
GH¢13.50 – GH¢13.60
LPG
~GH¢12.50/kg
1.32% – 3.53%
GH¢12.70 – GH¢13.00/kg
Some OMCs plan immediate hikes at midnight, while others will monitor competitors before adjusting, potentially leading to staggered increases over the next 48 hours.
A Year of Volatility
The adjustment follows one of the steepest price drops in recent memory earlier in November, when some stations slashed petrol by up to 12%, diesel by 7%, and LPG by 4%—averaging a 6.96% reduction. That relief, driven by falling crude prices and cedi stability, now appears short-lived.
Databank Research warns of near-term cedi pressure due to tightening forex supply, despite an expected $300 million IMF tranche in December and improved credit ratings. The Bank of Ghana may also reduce market interventions, further exposing consumers to global shocks.
Broader Implications
The timing couldn’t be worse for transport operators, already reeling from high operational costs. The Ghana Private Road Transport Union (GPRTU) has hinted at possible fare reviews if diesel crosses GH¢13.60.
COPEC has renewed calls for a Petroleum Revenue Stabilization Fund to cushion consumers during volatile cycles. Meanwhile, the National Petroleum Authority (NPA) is under pressure to fast-track reforms to the pricing deregulation framework to enhance transparency and competition.
As OMCs roll out new price boards today, Ghanaians brace for another hit to household budgets—just weeks before the festive season.
