Some oil marketing companies (OMCs) have started reducing fuel prices at the pumps as Ghana enters the second petroleum pricing window for October 2026, although liquefied petroleum gas (LPG) consumers are expected to face an increase of more than 18%.
Star Oil has reduced its petrol price from GH¢16.64 to GH¢16.45 per litre, effective 8:00 a.m. on Friday, October 16.
Other OMCs have told JoyBusiness they are considering price reviews, while some intend to monitor competitors before adjusting their pump prices.
The expected reductions in petrol and diesel prices could provide some relief to motorists. However, the Chamber of Oil Marketing Companies projects that LPG prices will rise to approximately GH¢20.60 per kilogramme.
International market pressures drive price changes
The Chamber attributed the projected price adjustments to movements in international petroleum prices, exchange-rate fluctuations and recent government interventions.
According to its report, average crude oil prices increased by 2.03 per cent to US$126.73 per barrel during the October 16 pricing window.
The increase was linked to renewed concerns over global supply, including uncertainty surrounding a proposed US-backed energy ceasefire involving Ukraine and fresh attacks on Saudi Arabia amid the conflict with Iran.
Despite the rise in crude oil prices, refined petroleum products recorded contrasting movements on the international market.
International LPG prices increased by 7.77 per cent, while diesel and petrol prices declined by 6.68 per cent and 3.93 per cent, respectively.
The cedi’s depreciation against the US dollar, however, could limit the extent to which local consumers benefit from the reductions in international petrol and diesel prices.
The Chamber reported that the cedi depreciated by 1.61 per cent against the dollar, reaching an average bank rate of GH¢11.8222 between September 26 and October 11, 2026.
It added that the local currency had lost more than 11 per cent of its value against the dollar since the beginning of the year, with seasonal import demand and rising energy costs continuing to exert pressure.
Competition and minimum pricing rules
Competition among OMCs is also expected to influence the timing and extent of pump price adjustments, with some companies indicating they will assess competitors’ decisions before revising their own prices.
However, all pricing decisions must comply with the National Petroleum Authority’s minimum price requirements.
Market information available to JoyBusiness puts the minimum petrol price at GH¢16.09 per litre and the LPG price floor at GH¢13.87 per kilogramme.
These figures represent minimum permitted selling prices rather than uniform prices that all OMCs must charge. Consequently, pump prices may differ across companies depending on their pricing decisions and market conditions.
