Fuel Prices to Drop from May 16: COMAC Attributes Reduction to Cedi Strength and Global Oil Trends

By
Daniel Amenyo Ablordey
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The Chamber of Oil Marketing Companies (COMAC) has announced that fuel prices in Ghana will decrease starting Friday, May 16, 2025. The anticipated reductions are as follows: petrol by 0.34%, liquefied petroleum gas (LPG) by 2.70%, and diesel by 3.45%. These adjustments are attributed to the Ghanaian cedi’s appreciation and declining global oil prices.

Drivers of the Price Reduction

Dr. Riverson Oppong, CEO of COMAC, explained that the cedi’s recent gains against major currencies have significantly influenced the pricing of petroleum products. “One of the biggest components in the price derivation of crude oil products in Ghana has to do with the forex,” he noted.

Additionally, global benchmark prices for refined petroleum products have been on a downward trend, contributing to the expected decrease in local fuel prices. “As we speak now, the benchmark prices are falling as well, and the U.S. dollar is weakening. That’s why you’ve seen petroleum product prices coming down,” Dr. Oppong added.

Implications for Consumers

The reduction in fuel prices is expected to provide relief to consumers, particularly in the transportation and logistics sectors. Lower fuel costs can lead to decreased operational expenses, potentially resulting in reduced prices for goods and services.

However, despite these positive developments, Ghana’s position in Africa’s fuel price rankings has declined. According to GlobalPetrolPrices.com, Ghana now ranks 20th in Africa for the lowest petrol prices, down from 13th in April 2024. This drop suggests that while prices are decreasing, other countries are experiencing more significant reductions.

Fuel Prices to Drop from May 16: COMAC Attributes Reduction to Cedi Strength and Global Oil Trends

COMAC remains optimistic that if the cedi continues to strengthen and global oil prices remain low, further reductions in fuel prices could occur. Dr. Oppong emphasized the importance of these factors in determining future price adjustments, stating, “As long as these two components continue to decline, I believe that ordinary Ghanaians will benefit from it in every possible way.”

Also Read: Finance Minister Ato Forson Urges Traders to Lower Prices Amid Cedi Stability

Author

  • Daniel Ablordey

    Daniel Ablordey is a Business Analytics student at the University of Ghana Business School and an emerging strategist at the intersection of data, markets, and narrative. With a keen analytical mind and a passion for African business and economic trends, he is building a career focused on translating complex data-driven insights into accessible, decision-relevant stories that matter.

    As a writer and editor with Insight Ghana, African Business Insight, and The African Journal, Daniel delivers sharp, high-impact analysis on current affairs, business developments, and emerging trends across the continent. His work is defined by precision, clarity, and a deep commitment to responsible journalism — ensuring that every story he tells is not only accurate but meaningful to the audiences it serves.

    Beyond his editorial work, Daniel serves as an Ecobank Youth Ambassador, where he actively promotes financial inclusion, digital banking, and financial literacy among young Ghanaians. His leadership experience spans academic, professional, and faith-based institutions, where he has consistently driven initiatives centered on growth, structure, and long-term impact.

    Grounded in the principles of Pan-Africanism and service, Daniel brings a rare combination of analytical rigour and storytelling depth to his work. Whether unpacking market behavior, profiling emerging business leaders, or covering cultural shifts shaping the continent, he approaches every assignment with strategic intent and editorial integrity.

    His broader ambition is to contribute to Africa's transformation by shaping how data, business, and storytelling intersect — not just locally, but on a global stage.

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Daniel Amenyo Ablordey
Daniel Amenyo Ablordey
Daniel Ablordey is a Business Analytics student at the University of Ghana Business School and an emerging strategist at the intersection of data, markets, and narrative. With a keen analytical mind and a passion for African business and economic trends, he is building a career focused on translating complex data-driven insights into accessible, decision-relevant stories that matter.

As a writer and editor with Insight Ghana, African Business Insight, and The African Journal, Daniel delivers sharp, high-impact analysis on current affairs, business developments, and emerging trends across the continent. His work is defined by precision, clarity, and a deep commitment to responsible journalism — ensuring that every story he tells is not only accurate but meaningful to the audiences it serves.

Beyond his editorial work, Daniel serves as an Ecobank Youth Ambassador, where he actively promotes financial inclusion, digital banking, and financial literacy among young Ghanaians. His leadership experience spans academic, professional, and faith-based institutions, where he has consistently driven initiatives centered on growth, structure, and long-term impact.

Grounded in the principles of Pan-Africanism and service, Daniel brings a rare combination of analytical rigour and storytelling depth to his work. Whether unpacking market behavior, profiling emerging business leaders, or covering cultural shifts shaping the continent, he approaches every assignment with strategic intent and editorial integrity.

His broader ambition is to contribute to Africa's transformation by shaping how data, business, and storytelling intersect — not just locally, but on a global stage.
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