Fuel prices fall as some OMCs cut petrol to GH¢13.87 per litre

Some Oil Marketing Companies (OMCs) have started reducing fuel prices following the commencement of the second pricing window for June 2026, bringing relief to consumers after months of elevated fuel costs.

The reductions are in line with Ghana’s petroleum price deregulation policy, which allows OMCs to adjust pump prices based on movements in international crude oil prices, exchange rates, and other market conditions.

Among the first companies to implement the new prices is GOIL PLC, which has reduced the price of petrol from GH¢15.20 per litre to GH¢13.87 per litre. Diesel prices have also been revised downward, falling from GH¢16.50 per litre to GH¢15.95 per litre.

The latest adjustment places GOIL’s fuel prices only marginally above the minimum price floor approved by the National Petroleum Authority (NPA), a development considered unusual in the local petroleum market.

Zen Petroleum has also announced reductions, with petrol dropping from GH¢15.20 to GH¢14.77 per litre, while diesel has been reduced from GH¢16.63 to GH¢16.25 per litre.

Industry sources indicate that several other OMCs are expected to announce similar price cuts as they adjust to prevailing market conditions during the current pricing window.

Earlier, Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, had suggested that while market indicators supported lower fuel prices, not all OMCs would immediately implement reductions.

On June 12, the National Petroleum Authority announced revised price floors for the June 16 to June 30 pricing period.

Under the new guidelines, the minimum approved price for petrol was reduced from GH¢15.20 per litre during the first pricing window of June to GH¢13.39 per litre. Diesel’s price floor was also lowered from GH¢15.49 to GH¢15.11 per litre.

The regulator has directed all industry players to comply with the revised benchmarks, meaning no OMC is permitted to sell fuel below the approved minimum prices.

The reductions come shortly after government ended its temporary intervention measures designed to cushion consumers against rising global crude oil prices.

Prior to the latest adjustments, COMAC had projected significant decreases in fuel prices during the second pricing window of June, citing favourable market fundamentals.

Petrol was expected to record the largest reduction, with projections indicating a possible decline of up to 9.31 percent. Industry estimates suggested pump prices could fall to around GH¢14.72 per litre, making it one of the most substantial fuel price reductions witnessed in recent years.

Diesel prices were also projected to decline, although at a slower pace, with some OMCs expected to sell a litre at approximately GH¢17.02.

The latest reductions are expected to ease transportation and business operating costs, while offering some relief to households facing broader cost-of-living pressures.