Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps in line with industry projections.

Market leader GOIL has reduced petrol prices from GH¢13.87 to GH¢12.79 per litre.

Diesel has also been reduced from GH¢15.95 to GH¢15.35 per litre.

Another major player, Star Oil, has told JOYBUSINESS it will soon cut prices at the pumps. The company said petrol is likely to be sold at the price floor announced by the National Petroleum Authority (NPA).

Several other OMCs have also indicated they will move quickly to reduce prices.

There are currently more than 200 OMCs operating in Ghana.

According to the NPA, no OMC should sell a litre of petrol for less than GH¢12.79. This follows the regulator’s announcement of new price floors for the first pricing window of July 2026, representing a reduction from GH¢13.39 in June.

The NPA also reduced 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%.

Industry Projections

Data from the Chamber of Oil Marketing Companies (COMAC) indicates that petrol prices are projected to decline by between 1.94% and 9.31%, potentially bringing the pump price to around GH¢14.14 per litre.

Diesel is expected to fall by as much as 10.20%, with a litre projected to sell at about GH¢15.29.

LPG is projected to decline by between 24.50% and 26.86% per kilogram.

COMAC described the latest development as the steepest two-week decline in fuel prices since the COVID-19 oil market collapse in 2020.

The Chamber also noted that previously stranded tankers exiting the Strait of Hormuz have increased expectations that the global oil market could shift rapidly from a supply deficit to a surplus.

Reasons for the Price Cuts

According to COMAC, the sharp reduction in fuel prices has been driven by falling international crude oil prices and the cedi’s strong performance over the past month.

The Chamber said global crude oil prices declined by 19.69%, while refined petroleum product prices also fell significantly.

LPG recorded the largest drop at 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 the 2020 pandemic-induced oil market crash.

The decline followed the June 17 memorandum of understanding between the United States and Iran, which paused hostilities, reopened the Strait of Hormuz and extended a ceasefire for 60 days to allow further negotiations.

However, fresh military strikes and mutual accusations on June 27 and June 28 have renewed pressure on the agreement.

Meanwhile, the Ghana cedi also strengthened against major trading currencies.

For the July 1, 2026 pricing window, the local currency appreciated from GH¢11.8035 to GH¢11.4333 against the US dollar, representing a 3.24% gain.