Oil Marketing Companies (OMCs) in Ghana have begun easing fuel prices at the pumps following a brief period of stability during the opening days of the first pricing window in August. After maintaining previous rates at the start of the window, several brands are now revising prices downward, particularly for petrol, providing modest relief for motorists.
Initial observations earlier this week indicated no significant movement in fuel prices, despite market expectations of some variation. Projections by the Chamber of Oil Marketing Companies (COoMAC) had anticipated a slight increase in petrol and a marginal drop in diesel and LPG. However, developments in the latter part of the week suggest a shift in that trend, with a number of OMCs implementing reductions.
Petrol prices at major stations such as TotalEnergies and Shell have dropped from over ₵13.30 to ₵12.89 per litre. Puma Energy has also reduced its petrol price to ₵12.30 from ₵12.69, while Star Oil, the market leader in pricing, has made the most significant cut, bringing petrol down to ₵11.97 from a previous rate of ₵12.59. Diesel prices have been adjusted as well, with most companies either maintaining previous levels or cutting slightly. At Star Oil, diesel has dipped from ₵13.99 to ₵13.97, reinforcing its position as one of the most affordable options for consumers.
That said, not all OMCs have followed the downward path. So Energy, which previously posted some of the lowest rates on the market, has instead raised its prices. Petrol has gone up from ₵11.20 to ₵11.99, while diesel has increased from ₵13.20 to ₵13.99. These upward adjustments stand out in a week largely defined by price cuts, creating a mixed outlook for consumers.
The adjustments mark a notable shift from the initial stability that characterized the early part of the window. Ghana’s bi-weekly fuel pricing model allows for price reviews based on global oil market trends, currency fluctuations, and local stock levels. The decision by OMCs to reduce prices mid-window likely reflects more favourable supply conditions, a relatively stable Ghana cedi, and the arrival of new cargoes.
Despite the easing, price variations persist across the market. Petrol is now selling between ₵11.97 and ₵12.89 depending on the station, while diesel ranges from around ₵13.97 to ₵14.33. Premium fuel products offered by selected brands have largely remained unchanged during this window.
For now, the mid-window reductions offer some respite for consumers navigating the rising cost of living, even as uncertainty continues to surround fuel pricing trends going into the latter part of the month.
