A Joy Business report suggests that as the new pricing window nears, some Oil Marketing Companies (OMCs) have cut the price of fuel at their respective pumps.

GOIL has reduced the price of petrol, which was selling at GH¢15.20 two weeks ago, to GH¢13.87 per litre, while diesel has also dropped from GH¢16.50 to GH¢15.95 per litre.

The latest adjustment means GOIL is now selling fuel only slightly above the price floor set by the National Petroleum Authority (NPA), a rare occurrence in recent times.

Another marketer, Zen Petroleum, has also cut the price of petrol from GH¢15.20 to GH¢14.77 per litre and diesel from GH¢16.63 to GH¢16.25 per litre.

According to Joy, the cut is set to be effected by several other OMCs from Tuesday, June 16, to align with prevailing market conditions.

While there is a built up anticipation for the price cuts, Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, earlier indicated that not all OMCs would immediately change their prices even amid adjusting their prices despite the favourable industry outlook.

NPA Lowers Price Floors

On Friday, June 12, the NPA announced new price floors for the June 16–30 pricing window.

For petrol, NPA directed that it be sold at GH¢13.39 per litre and diesel at GH¢15.11 per litre, marking about 11.9% reduction in petrol price and 2.5% for diesel.

NPA ordered that all industry players comply with the revised price floors.

The latest reductions come at a time when the government has ended its intervention policy aimed at cushioning consumers from rising crude oil prices on the international market.

Falling Global Oil Prices Drive Cuts

COMAC has attributed the price cuts to falling crude oil prices and lower prices for refined petroleum products on the international market.

Currently, crude oil prices have seen a sharp decline from about US$110 per barrel to US$97 per barrel, marking approximately 12% decline.

The drop has been attributed to weaker Chinese imports, record-high US oil exports and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).

Prices of finished petroleum products have also recorded their biggest declines this year, with LPG falling by 19.94 per cent, petrol by 15.21 per cent and diesel by 10.17 per cent.

There are also indications that crude oil prices could ease further following reports of a new agreement aimed at ending the conflict in the Middle East, a development that could provide additional relief for consumers in the coming pricing windows.

Last month, the Government of Ghana announced an extension of its intervention at the fuel pumps. On April 16, the government introduced a temporary relief measure, absorbing GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol, which was scheduled to end on May 15.

The intervention became necessary after prices surged due to geopolitical tensions in the Middle East and disruptions at the Strait of Hormuz, which raised international crude oil benchmarks and premiums.

After the intervention expired on Thursday, the Chamber of Petroleum Consumers (COPEC) petitioned the government to extend the measure, arguing that the conditions which prompted it persist.

Consequently, the government, in a statement issued by the Ministry of Energy and Green Transition and dated May 15 under the signature of the Ministry’s Spokesperson and Head of Communication, Richmond Rockson Esq., said that following a Cabinet meeting chaired by President John Dramani Mahama, which reviewed developments on the international oil market and the impact of global price volatility on domestic fuel costs, it had heeded COPEC’s call by extending the intervention, although with some adjustments.

Under the April intervention, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.

However, under the latest review announced in a formal notice yesterday, the government will now absorb GH¢1.07 per litre on diesel effective May 16, stating that the move is aimed at cushioning consumers against rising prices on the international market.

“Following the latest review, the Government has decided to intervene in the price of diesel by absorbing GH¢1.07 per litre effective May 16, 2026. This decision is necessary to ensure the sustainable distribution of petroleum products across the country while continuing to provide relief to consumers,” parts of the statement read.

The statement added that the intervention would remain in place for two pricing windows and would be subject to review after June 15 by Cabinet and the National Petroleum Authority (NPA), depending on global oil market trends and fiscal space.

“This intervention is expected to last for a period of two pricing windows, subject to review,” the statement added.