Some oil marketing companies (OMCs) have begun adjusting fuel prices at the pumps as the second pricing window for January opens today, delivering further relief to motorists and households across the country.

The latest reductions follow earlier projections by the Chamber of Oil Marketing Companies (COMAC), which had signalled an across-the-board decline in fuel prices during the second half of the month.

The adjustments come amid heightened competition in the downstream petroleum sector and improving market fundamentals, including a stronger Ghana cedi and lower international prices for finished petroleum products.

GOIL Leads with Aggressive Promotional Discounts

State-owned GOIL has taken the lead in the latest round of price reductions by rolling out discounted fuel prices at 150 selected stations nationwide.

Under the ongoing promotion, Super XP (petrol) is selling at GH¢9.99 per litre, a significant drop from the regular GH¢10.99 charged during the first pricing window of January.

Diesel XP has also seen a notable reduction at the selected outlets, now selling at GH¢11.21 per litre compared with the earlier price of GH¢11.96. The price cuts mark one of the most competitive offerings by the state-owned marketer in recent months.

However, not all products have been adjusted. GOIL’s Super XP 95 remains unchanged at GH¢13.97 per litre, even at stations participating in the discount programme.

Industry observers say the selective nature of the price cuts reflects differences in product sourcing costs and pricing strategies.

Star Oil Cuts Prices at Selected Stations

Market leader Star Oil has also implemented fresh price reductions across a number of its outlets nationwide, intensifying competition in the second pricing window.

At 175 Star Oil stations, a litre of Super (petrol) is now selling at GH¢9.97, down from GH¢10.56 in the first pricing window of January.

Diesel prices at these selected outlets have dropped to GH¢10.97 per litre, compared with the previous price of GH¢11.56. RON 95 has also declined, now selling at GH¢12.54 per litre, down from GH¢12.96 earlier in the month.

Despite the reductions, Star Oil has maintained a dual pricing structure, with some outlets continuing to sell fuel at the general prices from the first pricing window. Analysts say this reflects logistical and inventory considerations across different stations.

Public Reaction to Single-Digit Petrol Prices

The fresh reductions have sparked widespread excitement among consumers, particularly as petrol prices at some stations have fallen below the GH¢10 mark.

Many Ghanaians have taken to social media to express praise and jubilation, hailing the development as a rare moment of relief amid high living costs.

The return of single-digit petrol prices at selected outlets has been linked by some consumers to broader economic management under President John Dramani Mahama’s leadership, with supporters pointing to currency stability and policy direction as contributing factors.

COMAC Explains the Drivers Behind the Decline

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

Both factors, COMAC said, “have played an instrumental role in the projected price decreases at the pumps.” The chamber’s latest market report explained that although crude oil prices have experienced a marginal increase, the global market for refined petroleum products remains oversupplied.

This oversupply has exerted downward pressure on the prices of key products such as petrol, diesel and LPG, creating room for domestic price adjustments.

While the latest price cuts are being welcomed by consumers, industry players caution that fuel prices remain sensitive to both global and domestic developments. Any sharp movements in crude oil prices, exchange rates or geopolitical risks could quickly alter the pricing outlook.

For now, however, the second pricing window of January is shaping up as one of the most competitive periods in recent months, with OMCs using aggressive pricing strategies to win market share.

As more companies review prices in the coming days, consumers are expected to benefit further from the intensifying competition at the pumps.