Fuel prices at the pumps have started declining across parts of the country from today, January 16, 2026, as several Oil Marketing Companies (OMCs) implement price cuts in line with industry forecasts.
Leading the adjustment is GOIL, the second-largest player in Ghana’s downstream petroleum sector, which reduced the price of petrol from GH¢10.99 to GH¢9.99 per litre. Diesel prices at GOIL service stations have also dropped from GH¢11.96 to GH¢11.21 per litre, with the new rates taking effect from 6:00 am.
In a statement issued on Thursday, GOIL explained that the price reduction is part of a customer-focused initiative aimed at delivering added value. The discounted prices apply at 150 selected GOIL outlets nationwide, while standard pump prices remain in force at other stations.
The company noted that the move reflects its mandate as a national energy company and its commitment to supporting socio-economic recovery amid improving macroeconomic conditions.
Star Oil Responds with Further Cuts
Market leader Star Oil has also announced fresh price reductions, effective from 8:00 am today. Under the new pricing, petrol will sell for GH¢9.97 per litre, while diesel will be priced at GH¢10.97 per litre across most of its service stations.
Sources within Star Oil say the company views the latest developments as positive for the sector, describing the competition as healthy. According to one source, the situation further strengthens arguments for the National Petroleum Authority to scrap the price floor mechanism, which prevents OMCs from selling fuel below a regulated minimum price.
Other OMCs have similarly indicated plans to revise pump prices from today. Industry analysts observe that GOIL’s approach mirrors Star Oil’s aggressive discount-driven pricing model, which has contributed significantly to the latter’s market expansion in recent months.
What Is Driving the Price Decline?
The Chamber of Oil Marketing Companies attributes the fuel price reductions—exceeding three per cent per litre—to two main factors: falling prices of finished petroleum products on the international market and the continued appreciation of the Ghana cedi against the US dollar.
According to the Chamber’s latest market outlook, global oversupply has outweighed a slight rise in crude oil prices, leading to lower costs for refined products. Petrol prices were projected to decline by between 1.26 per cent and 2.30 per cent, while diesel prices were expected to fall by as much as 2.10 per cent. Liquefied Petroleum Gas (LPG) is also forecast to drop by up to 5.09 per cent.
On the currency front, the Ghana cedi has recorded a strong start to the year, appreciating from GH¢11.52 to GH¢10.90 for the January 16 pricing window—a gain of 5.71 per cent.
Databank Research notes that near-term pressure on the cedi is likely to remain subdued, supported by the phased release of a US$1 billion foreign exchange allocation under the Bank of Ghana’s FX Intermediation Programme. This marks the second reduction in petroleum product prices at the pumps so far this month.
