Some OMCs Reduce Fuel Prices; Petrol Now Selling at GH¢10.36, Diesel at GH¢11.96
By ZED NEWSROOM
Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps, in line with industry projections for the first pricing window of 2026.
Market leader Star Oil has taken the lead by cutting the price of petrol from GH¢11.35 to GH¢10.36 per litre. Diesel prices have also been reduced, with a litre now selling at GH¢11.96, down from GH¢12.45.
Although these new prices are already in effect at some Star Oil outlets, a number of service stations across the country are still selling at slightly lower or varying prices, depending on their individual pricing strategies and promotional models.
Other major oil marketing companies have confirmed to Joy Business that they are preparing to adjust pump prices from January 2, 2026, in line with prevailing market trends.
Currently, more than 200 OMCs operate across the country, and pricing decisions are largely influenced by movements initiated by market leaders. Industry observers note that most players are expected to follow the downward trend in the coming days.
Analysts say the recent price reductions have been supported by the sustained recovery of the cedi and declining prices of refined petroleum products on the international market. They add that if the local currency continues to strengthen, consumers could benefit from further price cuts in the weeks ahead.
Reasons and Industry Projections
According to the Chamber of Oil Marketing Companies (COMAC), petrol prices were projected to fall by between 2.40% and 4.80% for the January 2026 pricing window, bringing the expected pump price to around GH¢11.90 per litre. Diesel prices were also projected to decline by up to 3.77%, translating into an average price of about GH¢12.50 per litre.
Liquefied Petroleum Gas (LPG) prices are also expected to ease, with a projected reduction of about 2.19%, which could bring the price of a kilogramme to approximately GH¢13.40.
COMAC attributed the anticipated price reductions to falling international crude oil and refined product prices. Data from the global market shows that petrol prices declined by 9.17%, diesel by 8.11%, and LPG by 3.82% over the review period.
In addition, the cedi’s recent appreciation against the US dollar has played a major role in easing cost pressures. The local currency strengthened by more than 3% over the past three weeks, appreciating from GH¢11.14 to about GH¢10.50 to the dollar for the January 1, 2026 pricing window.
This represents one of the strongest performances of the cedi in recent months, and a significant improvement compared to the same period last year, when the exchange rate hovered around GH¢14.84 to the dollar.
Industry players remain cautiously optimistic that if current trends persist, consumers could enjoy further price reductions in the weeks ahead.
