Motorists across Ghana are beginning to enjoy relief at the pumps as several Oil Marketing Companies (OMCs) roll out fuel price reductions following recent industry projections and new pricing benchmarks announced by the National Petroleum Authority (NPA).
Market leader GOIL has reduced the price of petrol from GH¢13.87 to GH¢12.79 per litre, while diesel prices have dropped from GH¢15.95 to GH¢15.35 per litre.
Another major player, Star Oil, has told JoyBusiness that it will soon implement similar reductions. The company indicated that petrol is likely to be sold at the minimum price set by the NPA.
Several other OMCs are also expected to adjust their prices downward in the coming days as competition intensifies across the market, which currently comprises more than 200 operators.
The latest reductions follow the NPA’s announcement of new price floors for the first pricing window of July 2026. Under the revised guidelines, no OMC is permitted to sell petrol below GH¢12.79 per litre, down from the June benchmark of GH¢13.39.
The regulator also lowered the minimum selling price of diesel from GH¢15.11 to GH¢13.54 per litre, representing a 10.4 per cent reduction.
Liquefied Petroleum Gas (LPG) recorded the sharpest decline, with the minimum price dropping from GH¢13.23 to GH¢10.11 per kilogram, a reduction 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 could continue to trend downward in the current pricing window.
Petrol prices are projected to fall by between 1.94 per cent and 9.31 per cent, while diesel could decline by as much as 10.2 per cent. LPG is also expected to record further reductions of between 24.5 per cent and 26.86 per cent.
COMAC described the current trend as the steepest two-week drop in fuel prices since the global oil market crash 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 raised expectations that the global market could shift from a supply deficit to a surplus, putting additional downward pressure on prices.
Falling Crude Prices and Stronger Cedi Drive Reductions
COMAC attributed the decline in fuel prices to a combination of 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 during the review period, while refined petroleum products also recorded significant declines.
LPG posted the largest 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 sharpest two-week decline since the pandemic-induced market collapse in 2020.
The drop followed a June 17 memorandum of understanding between the United States and Iran that eased tensions, reopened the Strait of Hormuz and extended a ceasefire to allow for further negotiations. However, renewed military strikes and accusations exchanged by both sides on June 27 and 28 have cast uncertainty over the durability of the agreement.
On the domestic front, the Ghana cedi continued its strong performance against major trading currencies. For the July 1, 2026 pricing window, the local currency appreciated from GH¢11.8035 to GH¢11.4333 against the US dollar, representing a gain of 3.24 per cent.
Industry observers say the combination of lower global oil prices and a stronger cedi is creating favourable conditions for sustained fuel price reductions, offering much-needed relief to consumers, transport operators and businesses.