Some Oil Marketing Companies (OMCs), including state-owned GOIL and Star Oil, have started reducing ex-pump fuel prices at their outlets in the first pricing window of May, indicating a slight easing in Ghana’s downstream petroleum market.

GOIL currently sell petrol at GH¢13.25 per litre, a 2 pesewas dip as against the GH¢13.27 recorded in the second pricing window of April; however, its premium grade, Super XP 95, remains unchanged at GH¢15.77 per litre.

Diesel prices, on the other hand, have seen a steep dip, falling by 44 pesewas to GH¢15.66 per litre from GH¢16.10 previously.

Star Oil has also revised its pump prices. Petrol is now selling at GH¢13.25 per litre, reflecting a 2 pesewas reduction from GH¢13.27 in the previous pricing window.

Diesel has declined by 55 pesewas to GH¢15.55 per litre, down from GH¢16.10. Its RON 95 product remains unchanged at GH¢14.67 per litre.

The adjustments broadly align with projections of modest price moderation for the May pricing window.

The reductions in petrol and diesel prices are attributed to lower global benchmarks and the continued impact of a joint government–industry intervention aimed at cushioning consumers.

More OMCs are expected to review their prices in the coming days as global oil trends and exchange rate movements continue to influence the local pricing outlook.

Price floor

The National Petroleum Authority (NPA) has slightly lowered the minimum prices for petrol and diesel for the first pricing window in May, due to changes in global fuel prices.

Petrol is expected to sell at a minimum of GH¢13.25 per litre, 2 pesewas down from GH¢13.27 per litre in the second pricing window of April.

The diesel price floor has dropped by GH¢1.80 to GH¢14.30 per litre, down from GH¢16.10. In contrast, LPG has increased sharply to GH¢13.02 per kilogram, up from GH¢10.79, representing a rise of GH¢2.23 over the same period.

The NPA has directed that all Oil Marketing Companies and LPG Marketing Companies must comply with the stipulated price floors under the Petroleum Products Pricing Guidelines.

The regulator further notes that the announced price floors exclude premiums charged by international oil trading companies, as well as the operating margins of bulk import, distribution and export companies, in addition to marketers’ and dealers’ margins.

These components remain variable and are determined independently by industry players within the framework of the pricing guidelines.

Meanwhile, the cuts in fuel prices come at a time when the government has also been intervening to soften the impact on consumers by absorbing part of the pricing burden. From the April 16 window, it removed selected margins in the petroleum price build-up, including GH¢2.00 per litre on diesel and GH¢0.36 on petrol.

It is, however, not immediately clear whether those subsidies will continue into the new pricing window or be adjusted ahead of the mid-year fiscal review.

The NPA has reminded Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that they are required to comply with the announced floors, although they are permitted to add their own margins, meaning actual pump prices may vary across stations.

“As per the Petroleum Products Pricing Guidelines, all OMCs and LPGMCs are entreated to comply with the above price floors for the window under consideration,” the Authority added.

Govt reportedly lost GHS200m due to fuel price drop earlier

The Ministry of Energy, through spokesperson Richmond Rockson, disclosed that the government would have accrued an estimated GH¢200 million in revenue if fuel prices had remained unchanged.

Addressing the media on Wednesday, April 15, he stated, “This will lead to a net loss of about GH¢200 million that could have accrued to the government, but it is a necessary sacrifice to bring relief to the people of Ghana”.

During an emergency Cabinet meeting held on Thursday, April 9, President Mahama instructed the Minister for Finance, Dr. Cassiel Ato Forson, and the Minister for Energy to immediately begin the process of reviewing and removing the affected taxes.

In view of that, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol in the upcoming pricing window effective Thursday, April 16.

At the time, two Oil Marketing Companies (OMCs), GOIL and Star Oil, had lowered their pump prices. The two companies were selling petrol at GH¢13.27 per litre, while diesel was going for GH¢16.10 per litre.

President John Dramani Mahama said the decision was aimed at cushioning Ghanaians from rising fuel prices, which had been driven by global supply disruptions linked to tensions involving Iran, Israel, and the United States.

The ongoing tension had led to the closure of the Strait of Hormuz, a critical global oil shipping route. The ongoing tensions between Iran, the U.S., and Israel had been linked to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei.

Ayatollah Ali Khamenei was reportedly killed in strikes by the United States (U.S.) and Israel. This development was significantly impacting travellers from Ghana to Asia, Europe, and North America, as Dubai is a major transit hub connecting travellers through the United Arab Emirates.

Before then, petrol and diesel were selling at GH¢13.30 and GH¢17.10 per litre, respectively, at the pumps. In a social media post on Tuesday, March 31, GOIL announced that it had increased petrol to GH¢13.30 per litre from GH¢12.24, and diesel from GH¢15.69 to GH¢17.10 per litre.

Star Oil also increased petrol from GH¢12.19 to GH¢13.49 per litre. It also increased the price of diesel from GH¢14.25 to GH¢17.97. The adjustment followed a new price floor announced by the National Petroleum Authority (NPA) on March 30, directing Oil Marketing Companies (OMCs) to implement the changes from Wednesday, April 1.

On Monday, March 16, petroleum products at the pumps saw an increase following an adjustment by the NPA for the second pricing window for the month.

As a result, petrol priced at GHȼ10.46 per litre was sold at GHȼ11.57. The price floor for diesel had jumped from GH¢11.42 to GH¢14.35 per litre, and LPG had risen from GH¢9.38 to GH¢10.67 per kilogramme. Meanwhile, Ghana’s petroleum sector had recorded a decline in the second half of 2025.