Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps, in line with industry projections from January 1, 2026.

Market Leader Star Oil has taken the lead by reducing the price of a litre of petrol from GH¢11.35 to GH¢10.36.

That of diesel has also dropped to GH¢11.96 per litre from GH¢12.45.

However, some selected service stations across the country still sell below these prices announced by Star Oil, as part of its discounted pricing model.

Other oil marketing giants also told Joy Business they will adjust prices at the pumps from January 2, 2026.

There are currently more than 200 OMCs operating in the country. Most of them will be guided by adjustments made by some players in the industry.

Some industry watchers have argued that if the cedi’s current recovery is sustained, then consumers should be looking forward to more reductions at the pumps in the coming weeks.

Reasons and Industry Projections

The Chamber of Oil Marketing Companies, in its outlook report for January 2025, projected that the price of petrol is expected to fall between 2.40% and 4.80%, bringing the pump price per litre to approximately GH¢11.90.

Diesel is projected to decline by as much as 3.77%, which could see a litre selling at around GH¢12.50.

Liquefied Petroleum Gas (LPG) is also expected to drop by about 2.19%, resulting in a kilogramme selling at approximately GH¢13.40.

According to the Chamber of Oil Marketing Companies, the expected reduction has been influenced mainly by declining prices of crude oil and finished petroleum products on the international market.

Market data shows that international refined product prices fell significantly during the period, with petrol down 9.17%, diesel down 8.11%, and LPG dropped by 3.82%.

The cedi has also strengthened against the US dollar, appreciating by more than 3% over the past three weeks.

For the January 1, 2026, pricing window, the local currency rose from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.

This marks one of its strongest performances in recent months, and a sharp improvement from the GH¢14.84 recorded during the same period last year.