Fuel prices at the pumps are easing further as some Oil Marketing Companies (OMCs) intensify price cuts in the opening pricing window for January 2026, signalling growing competition within the downstream petroleum sector.
Star Oil has again revised its prices downward at selected service stations nationwide, selling a litre of petrol at GH¢10.36 and diesel at GH¢11.36 as of Tuesday morning. The latest adjustment forms part of the company’s discounted pricing strategy, which applies to specific outlets across the country.
The reductions follow a series of price reviews by the OMC since the start of the year. On January 1, 2026, Star Oil lowered the pump price of petrol to GH¢10.86 per litre, with diesel selling at GH¢11.96. This was followed by another cut on January 6, when petrol dropped to GH¢10.56 and diesel to GH¢11.56, before the most recent decline announced today.
State-owned GOIL, the industry’s second-largest player, has also joined the downward trend. On January 6, GOIL reduced the price of petrol to GH¢10.99 per litre, while diesel now sells at GH¢11.96. This represents the company’s second price adjustment within the first pricing window of the year.
Industry analysts say the latest developments point to early signs of price competition among leading OMCs, a shift that could benefit consumers if sustained. Market checks by JoyBusiness indicate that GOIL initiated the second round of price cuts earlier in the day, with Star Oil following shortly afterwards.
Other players in the downstream market have told JoyBusiness that they are monitoring developments closely and may review their prices in response to the actions of the dominant firms in the coming days.
Some OMCs have further indicated that should the cedi maintain its current strength throughout the month, consumers could witness another round of price reductions from January 16, 2026.
In its January 2026 outlook, the Chamber of Oil Marketing Companies projected a possible decline in petrol prices of between 2.40% and 4.80%, potentially bringing the average pump price to about GH¢11.90 per litre. Diesel prices were forecast to fall by up to 3.77%, with a litre selling around GH¢12.50, while Liquefied Petroleum Gas (LPG) was expected to decline by approximately 2.19% to about GH¢13.40 per kilogramme.
According to the Chamber, the anticipated reductions are largely driven by declining crude oil prices and lower costs of finished petroleum products on the international market. Available market data shows that during the review period, international prices of refined products dropped sharply, with petrol falling by 9.17%, diesel by 8.11% and LPG by 3.82%.
The local currency has also provided support for the price moderation. The cedi has appreciated by more than 3% against the US dollar over the past three weeks. Within the January 1, 2026, pricing window alone, it strengthened from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.
This performance marks one of the cedi’s strongest showings in recent months and a notable improvement compared with the GH¢14.84 recorded during the same period last year.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
