In a significant development in the petroleum industry, several Oil Marketing Companies (OMCs) have commenced reducing prices of petroleum products at the pumps, effective January 1, 2026, in line with industry expectations and projections. Star Oil, a market leader, has taken the initiative by slashing the price of a litre of petrol to GH¢10.36 from GH¢11.35, representing a notable reduction. Similarly, the price of diesel has been decreased to GH¢11.96 per litre from GH¢12.45.
Industry insiders indicate that other major oil marketing companies will follow suit, adjusting their prices at the pumps from January 2, 2026. With over 200 OMCs operating in the country, most are likely to be guided by the adjustments made by prominent industry players.
The recent reduction in prices is attributed to the decline in crude oil and finished petroleum product prices on the international market. Furthermore, the cedi’s appreciation against the US dollar has also contributed to the downward trend in prices.
The Chamber of Oil Marketing Companies’ outlook report for January 2026 had projected a decline in petrol prices, ranging between 2.40% and 4.80%, which would translate to a pump price per litre of approximately GH¢11.90.
Diesel was expected to decrease by 3.77%, resulting in a litre selling at around GH¢12.50. Liquefied Petroleum Gas (LPG) was also anticipated to drop by 2.19%, with a kilogramme selling at approximately GH¢13.40.
The industry’s expectation of a sustained recovery in the cedi’s value against the dollar has sparked optimism among consumers. If the current trend continues, further reductions at the pumps can be expected in the coming weeks.
The Chamber’s projections were based on market data showing significant declines in international refined product prices, with petrol down 9.17%, diesel down 8.11%, and LPG down 3.82%. The cedi’s appreciation against the US dollar, rising from GH¢11.14 to GH¢10.50, representing an 8.20% gain, has also been a major factor influencing the price adjustments.
