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0 GOIL’s latest fuel prices effective May 5, 2025, show a hike in Super XP and Diesel, deepening the cost-of-living strain for many Ghanaians.
Ghanaians woke up on Monday, May 5, 2025, to a fresh surge in fuel prices as GOIL, one of the country’s leading petroleum distributors, announced new pump rates.
Effective from 6 a.m., Super XP is now selling at GH¢13.69 per litre. Diesel XP has been adjusted to GH¢14.41 per litre, while Super XP 95 has increased to GH¢15.11 per litre. These figures represent a noticeable rise compared to previous pricing, sending ripples across the country’s transport and energy sectors.
This development comes at a time when the cedi is showing signs of relative strength, currently trading at GH¢13.32 to the US dollar for buying and GH¢13.82 for selling.
Many citizens had hoped that the improved exchange rate would ease the cost of imported commodities such as petroleum, but that optimism has been dampened by the reality at the pumps. The upward adjustment appears to stem not only from international crude oil fluctuations but also persistent local tax burdens and operational costs.
The public reaction has been immediate and intense. Across major cities, commercial drivers and everyday commuters expressed frustration, citing the new prices as yet another blow to an already strained budget. For many, this increase adds to the daily struggle of coping with a high cost of living.
Kwame Boakye, a taxi driver in Accra, voiced his dismay, saying, “Every time the cedi gains, we think we’ll catch a break. But fuel prices go up anyway. We can’t increase fares every week—it’s killing our business and passengers are angry.”
Industry observers suggest that the hike could be attributed to global oil market volatility, where Brent crude oil is hovering around $86 per barrel. High refinery charges and global freight costs also play a role, compounded by local levies that remain steep despite public outcry.
While the National Petroleum Authority (NPA) claims it is closely monitoring the situation, energy analysts are calling for an urgent review of Ghana’s fuel pricing formula. Irene Sarpong, an energy consultant, remarked, “The current model places too much burden on consumers. Government must consider buffering mechanisms and adjust taxes if we want lasting relief.”
The latest increase has renewed fears of inflation, as transportation costs are likely to push the prices of goods and services even higher. Many Ghanaians are now bracing for yet another wave of economic strain, with calls growing louder for long-term policy reform and stronger social protection measures.
