Oil Marketing Companies (OMCs) have started lowering fuel prices at the pumps as the second pricing window comes into effect, reflecting heightened competition in the downstream petroleum sector.
The reductions are expected to offer some relief to motorists, although prices vary across outlets.
State-owned GOIL is among the companies that have reviewed their prices.
The company has introduced discounted rates at 150 selected stations nationwide, while prices at the rest of its stations remain unchanged.
Under the discounted arrangement, petrol is selling at GH¢9.99 per litre at the selected outlets, down from the regular price of GH¢10.99 per litre.
Diesel XP has also been reduced to GH¢11.21 per litre, compared to the standard GH¢11.96 per litre.
However, the price of Super XP 95 remains unchanged at GH¢13.97 per litre, even at the discounted stations.
The new prices took effect from 6:00 a.m. on Friday, January 16, 2026.
Industry analysts say the selective price cuts point to increasing competition among OMCs, with more companies likely to adjust their prices as the pricing window progresses.
According to the Chamber of Oil Marketing Companies, the more than three per cent drop in fuel prices has been driven by two main factors: a decline in the prices of finished petroleum products on the international market and the continued appreciation of the Ghana cedi against the US dollar.
The Chamber explained that both developments “have played an instrumental role in the projected price decreases at the pumps.”
Its latest market report noted that although crude oil prices recorded a slight increase, prices of key petroleum products fell due to global oversupply.
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 up to 2.10 per cent.
Liquefied Petroleum Gas (LPG) is also projected to drop by as much as 5.09 per cent.
Meanwhile, the Ghana cedi has strengthened significantly against major trading currencies at the start of the year.
For the January 16, 2026 pricing window, the cedi appreciated from GH¢11.52 to GH¢10.90, representing a gain of 5.71 per cent.
Databank Research has noted that potential foreign exchange pressures on the cedi may be limited, supported by the gradual disbursement of the US$1 billion allocation for January 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.
