GOIL defies market forecasts, holds petrol at GH¢15.43 and diesel at GH¢17.26

Market leader GOIL has maintained petrol and diesel prices at GH¢15.43 and GH¢17.26 per litre respectively, despite industry forecasts predicting price hikes. This decision, revealed on Wednesday, September 2 through GOIL’s social media, defies expectations that rising international crude oil and refined product costs would push up pump prices.

The reasons behind GOIL’s price stability are not clear, though it may be influenced by competition in the downstream petroleum market or government efforts to curb transport fare increases. Other Oil Marketing Companies (OMCs), yet to adjust their prices, may face implications from GOIL’s stance. Several OMCs have indicated plans to review their prices on the same day, and transport unions have warned of potential fare hikes depending on OMC price adjustments.

GOIL’s current prices still exceed the National Petroleum Authority’s (NPA) price floor of GH¢14.53 for petrol and GH¢15.60 for diesel. The NPA’s price floor requires OMCs not to sell petrol below GH¢14.53 per litre and diesel below GH¢15.60. Before the latest pricing window, industry analysts had predicted price increases due to higher crude oil prices and international market rises in refined product costs.

The Chamber of Oil Marketing Companies (COMAC) noted that crude oil prices jumped 1.75% from US$90.53 to US$92.11 per barrel, while finished petroleum products saw 8.86% increase in petrol prices, 5.51% in diesel, and 3.31% in LPG. These hikes occurred despite the cedi's appreciation against the US dollar, which reversed three consecutive depreciation periods and strengthened the cedi to its highest level since June 2026.