Oil Marketing Companies (OMCs) have begun implementing new fuel prices for the first pricing window of November, with petrol recording a slight reduction while diesel prices move upwards.
Star Oil is among the first retailers to announce its adjustments, reducing the price of petrol from GH¢16.45 to GH¢16.38 per litre. However, diesel has increased from GH¢17.95 to GH¢18.45 per litre.
The changes reflect contrasting movements in international petroleum prices, although the recent appreciation of the cedi is expected to help cushion consumers against some of the increases.
Other major fuel retailers are expected to announce their revised prices later this week, with the actual adjustments varying across OMCs.
The latest developments follow projections by the Chamber of Oil Marketing Companies (COMAC), which anticipated a reduction of up to 3.35% in petrol prices, alongside increases of 1.50% in diesel and 0.81% in liquefied petroleum gas (LPG).
Indicative market prices from the projections placed petrol at GH¢17.02 per litre and diesel at GH¢18.99 per litre. However, the final prices consumers pay will depend on the individual pricing decisions of fuel retailers.
COMAC explained that the different price movements were largely driven by changes in international petroleum product prices, movements in the foreign exchange market and measures introduced by government and industry players to limit increases in diesel prices.
During the review period, crude oil prices declined by 1.90%. However, refined petroleum products recorded mixed performances, with international petrol prices falling by 4.97% while diesel prices increased by 3.54%. LPG recorded a sharper increase of 21.33%.
On the foreign exchange market, the cedi appreciated by 0.70% to GH¢11.7326 against the US dollar, based on average bank rates between October 12 and October 27, 2026.
According to COMAC, foreign exchange interventions by the Ghana Gold Board over the preceding three weeks helped support the local currency. The chamber also pointed to a planned $1.5 billion injection aimed at supporting the cedi ahead of the festive season.
The stronger cedi is expected to reduce the impact of rising international petroleum product prices on the domestic market.
Government and industry measures to cushion diesel increases
To limit the impact of higher international diesel prices, government and industry players have maintained adjustments to the Energy Sector Shortfall and Debt Repayment Levy and selected statutory margins for another month.
COMAC said the intervention would sustain the burden-sharing arrangement introduced on April 16, 2026, to moderate increases in diesel prices at the pumps.
“The total value of the intervention remains unchanged, maintaining the Government–industry burden-sharing arrangement introduced on 16 April 2026 to moderate increases in diesel prices at the pumps,” the chamber said.
The arrangement is expected to reduce the extent to which rising international diesel costs are transferred to consumers, even as OMCs begin implementing their November pricing decisions.
