Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps following 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, bringing it in line with the NPA’s new minimum price.
Diesel has also been reduced from GH¢15.95 to GH¢15.35 per litre.
Another major OMC, Star Oil, has confirmed to Joy Business that it will soon adjust its prices, with petrol expected to sell at the new price floor of GH¢12.79 per litre.
Several other OMCs have also indicated they will implement price reductions in the coming days. Ghana currently has more than 200 licensed OMCs.
The NPA has directed that no OMC should sell petrol below GH¢12.79 per litre during the current pricing window. This represents a reduction from the previous minimum price of GH¢13.39.
The regulator also lowered the minimum price of diesel from GH¢15.11 to GH¢13.54 per litre, a 10.4% decrease.
Liquefied Petroleum Gas (LPG) recorded the largest reduction, with its minimum selling price dropping from GH¢13.23 to GH¢10.11 per kilogram, representing a 23.6% decline.
The latest price adjustments follow earlier projections by the Chamber of Oil Marketing Companies (COMAC), which forecast significant reductions across petroleum products.
According to COMAC, petrol prices were expected to fall by between 1.94% and 9.31%, while diesel prices were projected to decline by up to 10.2%. LPG was forecast to record the steepest drop, falling by between 24.5% and 26.86%.
The Chamber described the current reductions as the sharpest two-week decline in fuel prices since the global oil market crash during the COVID-19 pandemic in 2020.
COMAC attributed the decline to lower international crude oil prices and the continued appreciation of the Ghana cedi against major trading currencies.
Global crude oil prices fell by 19.69%, dropping from US$97.32 per barrel to US$78.16 per barrel in late June. Prices of refined petroleum products also declined, with LPG falling by 15.96%, diesel by 15.18% and petrol by 6.92%.
The Chamber said the drop in crude prices followed the June 17 memorandum of understanding between the United States and Iran, which paused hostilities, reopened the Strait of Hormuz and extended a 60-day ceasefire to allow further negotiations.
However, it noted that renewed military strikes and fresh accusations between the two countries on June 27 and June 28 have created uncertainty over the agreement.
Meanwhile, the Ghana cedi strengthened by 3.24% against the US dollar during the latest pricing window, appreciating from GH¢11.8035 to GH¢11.4333, further supporting lower fuel prices at the pumps.
