SOME Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps, in line with industry projections from January 1, 2026.
Market Leader Star Oil has taken the lead by reducing the price of a litre of petrol from GH¢11.35 to GH¢10.36.
That of diesel has also dropped from GH¢12.45 to GH¢11.96 per litre.
However, some selected service stations across the country still sell below the prices announced by Star Oil, as part of its discounted pricing model.
There are currently more than 200 OMCs operating in the country, most of which will be guided by adjustments made by some key players in the industry.
Some industry watchers have argued that if the Cedi’s current recovery is sustained, consumers should expect more reductions at the pumps in the coming weeks.
The Chamber of Oil Marketing Companies, in its outlook report for January 2025, projected that the price of petrol is expected to fall between 2.40 per cent and 4.80 per cent, bringing the pump price per litre to approximately GH¢11.90.
Diesel is also projected to decline by as much as 3.77 per cent, which could see a litre selling at around GH¢12.50.
Liquefied Petroleum Gas (LPG) is expected to drop by about 2.19 per cent, resulting in a kilogramme selling at approximately GH¢13.40.
According to the Chamber, the expected reduction has been influenced mainly by declining prices of crude oil and finished petroleum products on the international market.
Market data shows that international refined product prices fell significantly during the period, with petrol down 9.17 per cent, diesel down 8.11 per cent, and LPG down 3.82 per cent.
The Ghana Cedi also strengthened against the US dollar, appreciating by more than three per cent over the past three weeks.
For the January 1, 2026 pricing window, the local currency improved from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20 per cent gain.
This marks one of its strongest performances in recent months, and a significant improvement from the GH¢14.84 recorded during the same period last year.
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