Some Oil Marketing Companies (OMCs) 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, took the lead early this morning by reducing the price of petrol from GH¢10.99 to GH¢9.99 per litre.

Diesel has also been reduced from GH¢11.96 to GH¢11.21 per litre at its service stations, effective 6:00 am.

In a circular issued today, GOIL said the move forms part of efforts to provide added value to customers. The company is offering discounted prices at 150 selected service stations nationwide.

It, however, noted that regular pump prices will continue to apply at other GOIL stations.

GOIL said the initiative aligns with its role as a national energy company and its responsibility to support broader socio-economic objectives, especially during the ongoing economic recovery.

Star Oil’s Reaction

Market leader Star Oil has also announced price reductions at the pumps, effective 8:00 am today.

Petrol is now expected to sell at GH¢9.97 per litre, while diesel will go for GH¢10.97 per litre.

The reductions are part of Star Oil’s ongoing price-discount strategy at most of its service stations nationwide.

Sources close to Star Oil told JoyBusiness that the company welcomes the competition, describing it as healthy for the industry.

One source noted that the development strengthens calls for the National Petroleum Authority to abolish the price floor model, which bars OMCs from selling fuel below a set minimum price.

Several other OMCs have also told JoyBusiness that they will adjust prices at the pumps from today, January 16, 2026.

Industry watchers say GOIL appears to be adopting a pricing model similar to that used by Star Oil in recent months, a strategy that has helped drive strong growth for the market leader.

Reasons for the Reduction

According to the Chamber of Oil Marketing Companies, the more than three per cent reduction in fuel prices has been driven by two key factors: a decline in prices of finished petroleum products and the sustained appreciation of the Ghana cedi against the US dollar.

Both factors, the Chamber said, “have played an instrumental role in the projected price decreases at the pumps.”

The Chamber’s market report 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.

Meanwhile, the Ghana cedi strengthened sharply against major trading currencies in the new year. For the January 16, 2026 pricing window, the currency appreciated from GH¢11.52 to GH¢10.90, representing a 5.71 per cent gain.

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.