Some Oil Marketing Companies (OMCs) in Ghana have begun reducing petroleum prices at the pumps, following industry forecasts for the new year.
Market leader Star Oil has lowered the price of petrol to GH¢10.36 per litre from GH¢11.35, while diesel fell to GH¢11.96 per litre from GH¢12.45. Certain service stations across the country are selling below these levels as part of discounted pricing strategies.
Other major OMCs are expected to adjust their pump prices in the coming days. Ghana currently hosts more than 200 OMCs, most of which tend to follow the pricing moves of leading players.
Industry watchers say further reductions could occur if the cedi’s recent gains against the US dollar are sustained. For the January 1, 2026, pricing window, the cedi appreciated from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain, one of its strongest performances in recent months.
Projected Prices and Market Drivers
The Chamber of Oil Marketing Companies (COMAC) had earlier projected that petrol prices could fall between 2.40% and 4.80%, bringing the average pump price to around GH¢11.90 per litre.
Diesel was expected to decline by up to 3.77%, potentially reaching GH¢12.50 per litre, while Liquefied Petroleum Gas (LPG) was forecast to drop by about 2.19%, selling at approximately GH¢13.40 per kilogramme.
These reductions were anticipated largely due to falling international crude oil and refined product prices. Data from global markets showed that during the period, petrol prices abroad fell by 9.17%, diesel by 8.11%, and LPG by 3.82%.
Global Oil Market Adds Pressure on Prices
Global oil markets remain subdued. Brent crude futures fell roughly 1% to $60.40 a barrel, as concerns about a growing global supply surplus outweighed geopolitical tensions. Seasonal demand slowdowns and continued high output from OPEC+, the US, and Guyana have kept downward pressure on prices.
OPEC+ is expected to maintain its pause in supply increases for the first quarter at its January 4 meeting, with Saudi Arabia and other key producers signalling caution.
The International Energy Agency forecasts a global oil surplus of about 3.8 million barrels per day in 2026, which is likely to continue limiting price gains and easing fuel costs for import-dependent countries such as Ghana.
