Some Oil Marketing Companies (OMCs) have started reducing fuel prices at the pumps following projections of lower petroleum prices for the first pricing window of July 2026.
Market leader GOIL has reduced the price of petrol from GH¢13.87 to GH¢12.79 per litre, while diesel has fallen from GH¢15.95 to GH¢15.35 per litre.
Another major OMC, Star Oil, has also indicated that it will soon lower its pump prices. The company told JoyBusiness that petrol is expected to be sold at the minimum price set by the National Petroleum Authority (NPA).
Several other OMCs have also signalled plans to implement price reductions. Ghana currently has more than 200 licensed Oil Marketing Companies.
The NPA has announced new minimum selling prices for the first pricing window of July 2026, directing that no OMC should sell a litre of petrol below GH¢12.79. This marks a reduction from the June price floor of GH¢13.39 per litre.
The regulator also lowered the minimum price of diesel from GH¢15.11 to GH¢13.54 per litre, representing a 10.4% decline.
Liquefied Petroleum Gas (LPG) also recorded a significant reduction, with the minimum selling price falling from GH¢13.23 to GH¢10.11 per kilogram, a decrease of GH¢3.12 or 23.6%.
According to projections by the Chamber of Oil Marketing Companies (COMAC), petrol prices are expected to decline by between 1.94% and 9.31%, while diesel could record reductions of up to 10.20%. LPG prices are projected to fall by between 24.50% and 26.86%.
COMAC described the latest adjustment as the steepest two-week decline in fuel prices since the global oil market collapse during the COVID-19 pandemic in 2020.
The Chamber attributed the reductions to declining international crude oil prices and the continued appreciation of the Ghana cedi against major trading currencies.
It said global crude oil prices dropped by 19.69% over the review period, with refined petroleum products also recording significant declines. LPG posted the largest decrease of 15.96%, followed by diesel at 15.18% and petrol at 6.92%.
Crude oil prices fell from US$97.32 per barrel to US$78.16 per barrel in late June, marking the sharpest two-week decline since 2020.
According to COMAC, the decline followed the June 17 memorandum of understanding between the United States and Iran, which paused hostilities, reopened the Strait of Hormuz, and established a 60-day ceasefire to facilitate further negotiations.
However, the Chamber noted that renewed military strikes and mutual accusations on June 27 and June 28 have raised fresh concerns over the sustainability of the agreement.
Meanwhile, the Ghana cedi continued to strengthen against the US dollar. For the July 1, 2026 pricing window, the local currency appreciated from GH¢11.8035 to GH¢11.4333 per US dollar, representing a 3.24% gain and further supporting lower fuel prices at the pumps.
