Some Oil Marketing Companies (OMCs) have begun reducing fuel prices following the commencement of the second pricing window for June 2026, offering some relief to consumers after weeks of volatility in global energy markets.
The reductions follow the industry’s bi-weekly fuel price review mechanism under Ghana’s petroleum price deregulation policy and come on the back of falling crude oil and refined petroleum product prices on the international market.
Among the first major players to adjust prices is GOIL, which has reduced the price of petrol to GH¢13.87 per litre from GH¢15.20 two weeks ago. Diesel prices have also been cut from GH¢16.50 to GH¢15.95 per litre.
The latest adjustment places GOIL’s fuel prices only marginally above the price floors recently announced by the National Petroleum Authority (NPA), a development rarely seen in recent pricing windows.
“Petrol was expected to record the largest decline, with prices projected to fall by up to 9.31 per cent.”
Chamber of Oil Marketing Companies (COMAC)
GOIL, Zen Petroleum Lead Reductions
Zen Petroleum has also announced price reductions, lowering petrol prices from GH¢15.20 to GH¢14.77 per litre and diesel from GH¢16.63 to GH¢16.25 per litre.
Industry sources indicate that several other OMCs are expected to announce revised prices as they respond to prevailing market conditions and the latest industry outlook.
The downward adjustments signal a broader shift in the domestic fuel market following recent declines in international petroleum prices. The reductions come days after the National Petroleum Authority announced new benchmark price floors for the June 16–30 pricing window.
Under the revised framework, the price floor for petrol has been reduced from GH¢15.20 per litre during the first half of June to GH¢13.39 per litre.
Diesel’s benchmark price floor has also declined from GH¢15.49 per litre to GH¢15.11 per litre. The regulator has directed all industry players to comply with the revised benchmark prices, meaning no OMC is permitted to sell below the approved rates.
Government Ends Fuel Support Measures
The latest market adjustments also coincide with the end of government’s intervention policy that was introduced to cushion consumers against rising crude oil prices on the international market.
The policy had been implemented during a period of heightened uncertainty in global energy markets, particularly amid geopolitical tensions in the Middle East.
Industry observers say the latest price reductions demonstrate the extent to which declining global prices have offset the withdrawal of the support measures.
Prior to the commencement of the pricing window, the Chamber of Oil Marketing Companies (COMAC) projected significant reductions in fuel prices.
According to the Chamber, petrol was expected to record the largest decline, with projections indicating that a litre could sell for around GH¢14.72.
Diesel prices were also expected to decline, although at a slower pace, with some OMCs projected to sell a litre at approximately GH¢17.02.
Liquefied Petroleum Gas (LPG) prices are similarly expected to ease, with a kilogram projected to retail at around GH¢17.20.
Falling Global Oil Prices Drive Market Shift
According to COMAC, the downward trend has been driven largely by falling crude oil prices and lower prices for refined petroleum products on the international market.
Crude oil prices are reported to have declined from about US$110 per barrel to US$97 per barrel this month, representing a drop of roughly 12 percent.
Industry data also indicate significant declines in the prices of finished petroleum products, with LPG falling by 19.94 percent, petrol by 15.21 percent and diesel by 10.17 percent.
There are also growing expectations that crude oil prices could decline further following reports of a new agreement aimed at ending the conflict in the Middle East.
Should the current trend persist, consumers and businesses could see additional reductions in fuel prices during subsequent pricing windows, providing further relief from transportation and operational costs.
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