Consumers are set to enjoy cheaper fuel this month after Oil Marketing Companies (OMCs) started reducing pump prices following the National Petroleum Authority’s (NPA) latest pricing review.
GOIL has taken the lead by reducing the price of petrol from GH¢13.87 to GH¢12.79 per litre, while diesel has dropped from GH¢15.95 to GH¢15.35 per litre.
Other OMCs are also expected to announce price cuts in the coming days.
The reductions follow the NPA’s announcement of new price floors for the first pricing window of July 2026. Under the revised rates, no OMC is permitted to sell petrol below GH¢12.79 per litre, down from the previous minimum of GH¢13.39.
Diesel’s minimum selling price has also been lowered from GH¢15.11 to GH¢13.54 per litre, representing a 10.4% decrease. Liquefied Petroleum Gas (LPG) recorded the largest reduction, with its minimum price falling from GH¢13.23 to GH¢10.11 per kilogram, a 23.6% decline.
Industry analysts attribute the latest reductions to favourable developments on both the international and domestic fronts.
According to the Chamber of Oil Marketing Companies (COMAC), international crude oil prices have dropped sharply over the past two weeks, while the Ghana cedi has continued to strengthen against the US dollar, significantly reducing the cost of importing petroleum products.
Global crude oil prices fell by nearly 20%, from US$97.32 to US$78.16 per barrel, while refined petroleum products also recorded substantial declines. LPG prices fell by 15.96%, diesel by 15.18%, and petrol by 6.92%.
COMAC described the current trend as the sharpest decline in fuel prices since the collapse of the global oil market during the COVID-19 pandemic in 2020.
The Chamber linked the fall in crude oil prices to easing geopolitical tensions in the Middle East after the United States and Iran reached an agreement to suspend hostilities and reopen the Strait of Hormuz.
Although fresh exchanges between the two countries have raised concerns in recent days, the temporary reopening of the vital shipping route has improved expectations for global oil supply.
At home, the Ghana cedi appreciated by 3.24% during the review period, strengthening from GH¢11.8035 to GH¢11.4333 against the US dollar, further supporting lower pump prices.
COMAC had earlier projected that petrol prices could decline by as much as 9.31%, diesel by up to 10.2%, while LPG was expected to post the steepest reduction of between 24.5% and 26.86%.
