Fuel prices have begun falling across Ghana after major Oil Marketing Companies (OMCs) implemented price reductions in line with industry projections and new price floors announced for the first pricing window of July 2026.
Market leader GOIL reduced the pump price of petrol from GH¢13.87 to GH¢12.79 per litre, while diesel declined from GH¢15.95 to GH¢15.35 per litre.
StarOil also announced revised prices effective Wednesday morning, with petrol selling at GH¢12.79 per litre, diesel at GH¢14.95 and RON 95 at GH¢15.75.
In a notice to customers, the company said, "In line with the approved price floor and current market conditions, we are pleased to pass on better value to our cherished Starsavers."
Several other OMCs have also indicated they will adjust prices in the coming days as competition intensifies among the more than 200 fuel retailers operating nationwide.
NPA sets new price floors
The reductions follow the National Petroleum Authority's announcement of lower minimum pump prices for the first pricing window of July.
Under the revised pricing structure, no OMC is permitted to sell petrol below GH¢12.79 per litre, down from the June minimum of GH¢13.39.
The regulator also reduced the minimum price of diesel from GH¢15.11 to GH¢13.54 per litre, representing a 10.4 percent decline. Liquefied Petroleum Gas (LPG) recorded the sharpest reduction, with the minimum selling price dropping from GH¢13.23 to GH¢10.11 per kilogram, a decrease of 23.6 percent.
Global market trends drive price cuts
The latest reductions are largely attributed to falling international crude oil prices and the continued appreciation of the Ghana cedi against the US dollar.
According to the Chamber of Oil Marketing Companies (COMAC), global crude oil prices declined by 19.69 percent, while refined petroleum product prices also recorded significant decreases. LPG prices fell by 15.96 percent, diesel by 15.18 percent and petrol by 6.92 percent.
Crude oil prices dropped from US$97.32 per barrel to US$78.16 in late June after easing geopolitical tensions briefly reopened the Strait of Hormuz, improving global supply expectations. Although fresh military exchanges have since emerged, the earlier decline significantly influenced international fuel markets.
The Ghana cedi also strengthened during the pricing window, appreciating from GH¢11.8035 to GH¢11.4333 against the US dollar, representing a gain of about 3.24 percent.
COMAC described the latest adjustments as the steepest two-week decline in domestic fuel prices since the global oil market collapse during the COVID-19 pandemic in 2020, expressing optimism that consumers will continue to benefit if favourable global and local market conditions persist.
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