BY Issah Olegor
Ghanaian consumers are bracing for another round of fuel price hikes as Oil Marketing Companies (OMCs) begin adjusting their pump prices in the first pricing window of October 2025.
The increases come at a time when households and businesses are already struggling with high living costs, raising renewed concerns about inflationary pressures.
On October 2, Shell Ghana, one of the country’s leading OMCs, adjusted its diesel price upward to GH¢14.18 per litre, an increase from GH¢13.89.
Petrol, however, was left unchanged at GH¢13.44 per litre. Another major OMC also raised its prices by about 2% across all petroleum products, while several others indicated that they would effect similar adjustments starting Monday.
Projections of Higher Increases Ahead
The Chamber of Oil Marketing Companies (COCM) had earlier projected marginal increases in petroleum prices for the October 1–15 pricing window.
According to its forecast, petrol could rise by as much as 2.47% to GH¢14.52 per litre, while diesel is expected to increase between 1.36% and 3.41%, potentially reaching GH¢15.17. Liquefied Petroleum Gas (LPG) is also expected to go up between 2.01% and 4.01%.
The projection follows trends on the international oil market, where crude prices rose modestly by 1.57%, moving from $67.39 to $68.45 per barrel.
Analysts predict Brent crude could rebound closer to $70 per barrel due to growing geopolitical risks and renewed supply constraints, both of which threaten to keep energy prices elevated globally.
Cedi Depreciation Adds Local Pressure
Beyond international price movements, the local currency’s persistent depreciation has emerged as the major domestic driver of the hikes.
Between mid-September and October 1, the Ghana cedi fell from GH¢12.07 to GH¢12.40 against the US dollar — a 2.74% depreciation within the short review period.
This brought total losses for the cedi in the third quarter of 2025 to 15.09%, with no record of gains.
The weakening currency has been attributed to limited foreign exchange supply as well as rising import bills, particularly towards the end of the year when demand for forex intensifies.
For Ghana’s import-dependent economy, these developments continue to translate into higher costs of petroleum products, which are fully imported.
Impact on Consumers and Economy
The latest round of increases is expected to worsen the cost of living for many Ghanaians.
Transportation fares, food prices, and other essential goods are likely to face upward adjustments as businesses pass on fuel-related costs to consumers.
Fuel price hikes have historically played a major role in Ghana’s inflationary trends, with ripple effects on nearly every sector.
Already, transport operators have hinted at possible fare increases should diesel prices continue to climb beyond the GH¢14 mark.
