I know this is a wide know problem which has been around for a while.
An attempt to fix is was made but not sufficient: https://github.com/brndnmtthws/conky/pull/84 from http://sourceforge.net/p/conky/bugs/317/ and was already mentioned in https://github.com/brndnmtthws/conky/issues/51
There exists a work around where the drawing is done in through Lua which works fine but since many people complain about this issue and it's rather old i tried to work towards an solution.
The solution from: https://github.com/brndnmtthws/conky/pull/84 works for some png files but not all, as mentioned by @ghost.
I've found a commit from another program (tint2) which had the same issue and solved the problem; their mention in the log file:
- some launcher icons (PNG files saved with an indexed colormap and alpha mask) were sometimes rendered with white instead of transparency;
Which is pretty much the same issue Conky has with https://github.com/brndnmtthws/conky/pull/84 applied (I've tested it on the current master branch).
This is what they did to solve it: https://gitlab.com/o9000/tint2/commit/e7c3f99e28d28539178679c4b3d1b46e793ec248
I have no knowledge of the imlib2 and next to none C/C++ but maybe some one with some insights in imlib2/Conky could port the solution to Conky, considering the changes they made were not very big and many people are experiencing this issue.
I'm sorry for making another Issue for the same Issue but it thought this could lead towards a solution.
me too, latest on Arch Linux
bump
I encounter this problem with my conky meteo and png image. (with gnome shell)
Someone can tell me what is the work around with lua ?
This issue is still present even in the latest release of conky, and it's more relevant than ever since now fake transparency suddenly stopped working on GNOME.
This is how a "dark" widget shows with transparency (without transparency it's just drawn with a black box around it).

Because of this issue I cannot use any Conky widget that has images with dark colors.
conky 1.10.7_pre compiled Thu Nov 16 23:54:34 EST 2017 for Linux 4.10.0-38-generic x86_64
affected
Closed via #682. Thank you very much for adding this! @dmccombs :slightly_smiling_face:
I'll be interested to hear from GNOME users if setting draw_blended to false corrects their transparency issues with ARGB now, in addition to the image transparency issues I had been having (on Enlightenment).