- Oil Marketing Companies have begun reducing fuel prices at the pumps as the second pricing window in January takes effect.
- Some Oil Marketing Companies are selling petrol below GH¢10, with Star Oil advertising its petrol at GH¢9.97 per litre.
- Key factors driving reductions include declining global oil prices and a strengthened Ghana cedi against the dollar.
Some Oil Marketing Companies have begun reducing fuel prices at the pumps from today, January 16, 2026. The development follows industry projections that petroleum product prices were expected to fall by more than three per cent per litre in the current pricing window.
The second-largest player in the downstream oil sector, GOIL, announced on X reductions of petrol from GH¢10.99 to GH¢9.99 per litre.
It also reduced diesel from GH¢11.96 to GH¢11.21 per litre at its service stations. Market leader Star Oil has also announced on X price reductions at the pumps, with petrol selling at GH¢9.97 per litre, while diesel is going GH¢10.97 per litre.
The reductions are part of Star Oil’s ongoing price-discount strategy at most of its service stations nationwide. Applied economist Alfred Appiah welcomed these reductions in comments, saying occurrences like this will extend the government’s goodwill and buy it some time.
“Living conditions to some extent are easing and people would be okay overlooking some things.
Why have fuel prices reduced in Ghana?
Joy News reported that the more than 3% reduction in fuel prices has been driven by a decline in prices of finished petroleum products and the sustained appreciation of the Ghana cedi against the US dollar. The Chamber of Oil Marketing Companies noted that despite a marginal increase in crude oil prices, major petroleum products recorded price declines due to global oversupply.
Petrol prices were projected to fall by between 1.26 per cent and 2.30 per cent, while diesel was expected to decline by up to 2.10 per cent. Liquefied Petroleum Gas is also projected to drop by as much as 5.09 per cent. Databank Research has suggested that upcoming foreign exchange pressures on the cedi will be limited by the gradual rollout of the US$1 billion allocation for January under the Bank of Ghana’s FX Intermediation Programme.
This is the second time this month that prices of petroleum products have declined at the pumps.