Several Oil Marketing Companies (OMCs) have started reducing fuel prices at the pumps following recent industry forecasts and the National Petroleum Authority’s (NPA) announcement of lower price floors for the first pricing window of July 2026.
Market leader GOIL has reduced the price of petrol from GH¢13.87 to GH¢12.79 per litre, while diesel prices have been cut from GH¢15.95 to GH¢15.35 per litre.
Another major industry player, Star Oil, has indicated that it will soon implement reductions at its filling stations. The company told JoyBusiness that petrol is expected to be sold at the minimum price set by the NPA.
Other OMCs have also signalled plans to adjust their pump prices downward in the coming days.
Ghana currently has more than 200 licensed OMCs operating across the country.
NPA Announces New Price Floors
The NPA has directed that no OMC should sell petrol below GH¢12.79 per litre during the current pricing window. The new benchmark represents a reduction from the June minimum price of GH¢13.39 per litre.
The regulator also lowered the minimum price of diesel from GH¢15.11 to GH¢13.54 per litre, representing a 10.4 per cent decline.
Liquefied Petroleum Gas (LPG) recorded the sharpest reduction, with the minimum selling price dropping from GH¢13.23 to GH¢10.11 per kilogram — a decrease of GH¢3.12, or 23.6 per cent.
Industry Forecasts Point to Further Declines
According to data from the Chamber of Oil Marketing Companies, fuel prices are expected to continue trending downward.
Petrol prices are projected to decline by between 1.94 per cent and 9.31 per cent, while diesel could fall by as much as 10.2 per cent. LPG prices are also forecast to drop by between 24.5 per cent and 26.86 per cent.
COMAC described the latest reductions as the steepest two-week decline in fuel prices since the global oil market collapse triggered by the COVID-19 pandemic in 2020.
The Chamber noted that the movement of previously stranded oil tankers through the Strait of Hormuz has increased expectations that the global market could shift from a supply deficit to a surplus, exerting further downward pressure on prices.
What Is Driving the Price Cuts?
COMAC attributed the sharp decline in fuel prices to falling international crude oil prices and the continued appreciation of the Ghana cedi.
According to the Chamber, global crude oil prices fell by 19.69 per cent over the review period, while prices of refined petroleum products also declined significantly.
LPG recorded the largest price drop at 15.96 per cent, followed by diesel at 15.18 per cent and petrol at 6.92 per cent.
Crude oil prices fell from US$97.32 per barrel to US$78.16 per barrel in late June, marking the most significant two-week decline since the pandemic-driven market downturn in 2020.
The drop followed a June 17 memorandum of understanding between the United States and Iran that paused hostilities, reopened the Strait of Hormuz and extended a ceasefire to allow for further negotiations. However, renewed military strikes and fresh accusations between the two sides on June 27 and 28 have raised questions about the durability of the agreement.
On the domestic front, the Ghana cedi continued its recent strong performance against major international currencies.
For the July 1, 2026 pricing window, the cedi appreciated from GH¢11.8035 to GH¢11.4333 against the US dollar, representing a gain of 3.24 per cent.
Industry analysts believe the combination of lower global oil prices and a stronger local currency is creating favourable conditions for sustained reductions in fuel prices, offering some relief to consumers and businesses alike.