Fuel prices in Ghana may open the new year on a softer note. This is because, oil marketing companies are preparing for potential reductions in the first pricing window of January 2026 to extend the relief already seen at the pumps in December 2025.
Pricing projections from the Chamber of Oil Marketing Companies (COMAC) point to across-the-board declines.
For instance, petrol is expected to fall by about 4.80 per cent, diesel by 3.77 per cent and liquefied petroleum gas (LPG) by roughly 2.19 per cent. If implemented, the cuts would mark a continuation of the downward trend driven by a favourable external and domestic cost environment.
The primary drivers of the anticipated reductions are the sharp decline in international petroleum product prices and the recent appreciation of the Ghana cedi. Lower global prices for refined products have reduced import costs, while the firmer cedi has eased exchange-rate pressures that typically feed into pump prices.
Together, these factors have improved the cost structure for oil marketing companies, creating room to pass savings on to consumers without eroding margins.
December cuts set the tone
The outlook for January builds on price adjustments already implemented in the second pricing window of December.
Market leader Star Oil cut petrol prices to GH¢11.35 per litre from GH¢11.97, while diesel fell to GH¢12.45 per litre. Selected outlets went further, offering discounted prices of GH¢10.97 for petrol and GH¢11.79 for diesel.
Star Oil attributed the reductions to relative currency stability and easing international prices—signals that are expected to persist into the New Year.
State-owned GOIL followed with downward adjustments, selling petrol at GH¢11.99 per litre, diesel at GH¢12.94, and Super XP 95 at GH¢14.95.
International major, TotalEnergies also joined the trend, cutting petrol prices to GH¢12.50 per litre from GH¢12.69, and diesel to GH¢12.99 from GH¢13.22.
Implications for households and businesses
For households, further reductions in January could help ease post-festive budget pressures, particularly transport and cooking fuel costs.
For businesses, especially transport operators, logistics firms and manufacturers – the lower fuel prices may translate into reduced operating expenses, with potential spillover effects on prices across parts of the economy.
What could change the outlook
Fuel pricing remains sensitive to currency movements and global oil market dynamics. Any renewed pressure on the cedi or a rebound in international oil prices could narrow the scope for reductions.
However, if current trends hold, consumers may enter 2026 benefiting from one of the most sustained periods of pump price relief in recent years.
As the January pricing window opens, Star Oil, GOIL, TotalEnergies and other OMCs will fully implement the projected cost declines – a move that will signal a more benign fuel price environment for the start of the year.
