Some Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps effective today, January 16, 2026, following industry projections of a drop of more than three per cent per litre in the current pricing window.
GOIL, the second-largest player in Ghana’s downstream petroleum sector, led the adjustments early this morning by reducing the price of petrol from GH¢10.99 to GH¢9.99 per litre. Diesel prices at GOIL service stations have also been cut from GH¢11.96 to GH¢11.21 per litre, effective 6:00 am.
In a statement, GOIL explained that the price reductions form part of efforts to deliver added value to customers. The company is offering the discounted prices at 150 selected service stations nationwide, while standard pump prices will continue to apply at other outlets. GOIL noted that the initiative aligns with its role as a national energy company and its responsibility to support broader socio-economic objectives amid ongoing economic recovery.
Market leader Star Oil has also announced price reductions, effective 8:00 am today. Petrol is now selling at GH¢9.97 per litre, while diesel has been reduced to GH¢10.97 per litre at most of its service stations nationwide. The company described the development as part of its ongoing price-discount strategy and welcomed the increased competition within the downstream market.
Several other OMCs are also expected to adjust their pump prices during the current pricing window, according to industry sources. Observers note that GOIL’s approach mirrors pricing strategies adopted by Star Oil in recent months, which have contributed to strong market performance.
The price reductions have been attributed to a combination of declining prices of finished petroleum products on the international market and the sustained appreciation of the Ghana cedi against the US dollar. Industry data indicate that despite a marginal increase in crude oil prices, global oversupply has led to price declines for key petroleum products.
For the January 16, 2026 pricing window, petrol prices were projected to fall by up to 2.30 per cent, diesel by as much as 2.10 per cent, while Liquefied Petroleum Gas (LPG) is expected to decline by more than five per cent. The Ghana cedi also strengthened significantly, appreciating from GH¢11.52 to GH¢10.90, representing a gain of 5.71 per cent.
According to market intelligence from the financial and energy sectors, near-term pressure on the cedi is expected to remain limited, supported by Bank of Ghana-led foreign exchange interventions. This marks the second reduction in petroleum product prices recorded so far this month.