Some Oil Marketing Companies (OMCs) have started reducing fuel prices following the commencement of the second pricing window for June 2026.

The reductions are in line with the industry’s bi-weekly fuel price review mechanism under Ghana’s petroleum price deregulation policy.

One of the market leaders, GOIL, has reduced the price of petrol to GH¢13.87 per litre from GH¢15.20 two weeks ago. Diesel has also dropped from GH¢16.50 to GH¢15.95 per litre.

The latest adjustment means GOIL is now selling fuel only slightly above the price floor set by the National Petroleum Authority (NPA), a rare occurrence in recent times.

Zen Petroleum has also reduced its prices, cutting petrol from GH¢15.20 to GH¢14.77 per litre and diesel from GH¢16.63 to GH¢16.25 per litre.

JOYBUSINESS understands that several other OMCs are expected to announce price reductions from Tuesday morning as they align with prevailing market conditions.

Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, had earlier indicated that not all OMCs would immediately adjust their prices despite the favourable industry outlook.

NPA Lowers Price Floors

On June 12, the NPA announced new price floors for the June 16–30 pricing window.

The price floor for petrol has been reduced from GH¢15.20 per litre during the first half of June to GH¢13.39 per litre. Diesel’s price floor has also fallen from GH¢15.49 to GH¢15.11 per litre.

The regulator has directed all industry players to comply with the revised price floors, meaning no OMC is permitted to sell below the approved rates.

The latest reductions come at a time when government has ended its intervention policy aimed at cushioning consumers from rising crude oil prices on the international market.

Industry Projects Further Reductions

COMAC had projected significant reductions in fuel prices for the second pricing window of June.

Petrol was expected to record the largest decline, with prices projected to fall by up to 9.31 per cent. Based on industry estimates, a litre could sell for about GH¢14.72, making it one of the steepest fuel price reductions in recent years.

Diesel prices were also projected to decline, albeit more slowly, with some OMCs expected to sell a litre at about GH¢17.02.

LPG prices are also expected to ease marginally, with a kilogram likely to retail at around GH¢17.20.

Falling Global Oil Prices Drive Cuts

According to COMAC, the price reductions have been driven largely by falling crude oil prices and lower prices for refined petroleum products on the international market.

Crude oil prices have dropped sharply this month, falling from about US$110 per barrel to US$97 per barrel, representing a decline of roughly 12 per cent.

The drop has been attributed to weaker Chinese imports, record-high US oil exports and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).

Prices of finished petroleum products have also recorded their biggest declines this year, with LPG falling by 19.94 per cent, petrol by 15.21 per cent and diesel by 10.17 per cent.

There are also indications that crude oil prices could ease further following reports of a new agreement aimed at ending the conflict in the Middle East, a development that could provide additional relief for consumers in the coming pricing windows.