Some oil marketing companies (OMCs) in Ghana have reduced fuel prices ahead of the November 16 review. Star Oil has reduced the price of petrol from GHS 16.35 per liter to GHS 15.97, a reduction of GHS 0.38.
The price of diesel has also been reduced from GHS 18.45 to GHS 18.37.
The reduction in fuel prices comes after Star Oil reduced petrol prices at the beginning of November 2026, while marginally increasing the price of diesel. Another oil marketing company, JP, has also reduced its petrol price from GHS 16.43 to GHS 15.95, and the price of diesel from GHS 18.97 to GHS 18.35.
The National Petroleum Authority (NPA) has maintained that oil marketing companies can proceed with price reviews at the pumps, provided the adjustments are in line with the guidelines sanctioned by the market regulator. The reduction in fuel prices may be due to competition among oil marketing companies, as well as the recent fall in crude oil prices from over $100 a barrel to around $93.
The Ghana cedi has also remained fairly stable and has strongly appreciated against the US dollar, which may contribute to a decline in fuel prices. However, the expected end of the government’s subsidy on petroleum products on November 30, 2026, may affect the pricing of petroleum products from the middle of this month and into the first week of December 2026.
According to the NPA, oil marketing companies are allowed to review prices on the 1st and 16th of each month. The reduction in fuel prices may be a response to competition, as well as the company’s ability to obtain petroleum products at more competitive prices due to its bulk oil distribution license.