Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps, following industry projections that took effect from January 1, 2026.

Star Oil, a leading player in the sector, has implemented the first major adjustment, cutting the price of petrol from GH¢11.35 to GH¢10.86 per litre. Diesel prices have also been reduced from GH¢12.45 to GH¢11.96 per litre.

Despite these official prices, a number of selected Star Oil service stations across the country are selling fuel at even lower rates under the company’s discounted pricing model.

Other major OMCs have indicated to Joy Business that they will roll out their own price adjustments from January 2, 2026. With more than 200 OMCs operating nationwide, industry players expect most companies to align their prices with the ongoing reductions.

Market analysts say that if the cedi continues its recent recovery, consumers could benefit from further price cuts at the pumps in the coming weeks.

What’s driving the reductions

According to the Chamber of Oil Marketing Companies’ outlook for January 2026, petrol prices were projected to fall by between 2.4% and 4.8%, while diesel was expected to decline by up to 3.77%. Liquefied Petroleum Gas (LPG) prices are also forecast to drop by about 2.19%.

The Chamber attributes the downward trend largely to falling global crude oil and refined product prices. International market data shows petrol prices declined by 9.17%, diesel by 8.11%, and LPG by 3.82% over the review period.

Additionally, the cedi has strengthened significantly against the US dollar, appreciating by over 3% in the past three weeks. For the January 1 pricing window, the local currency gained about 8.2%, moving from GH¢11.14 to GH¢10.50 to the dollar—one of its strongest performances in recent months and a sharp improvement from the GH¢14.84 recorded during the same period last year.