Fuel prices begin to fall as Star Oil cuts petrol to GH¢16.45

Fuel prices are beginning to decrease as Star Oil lowers petrol to GH¢16.45 per litre, effective Friday, October 16, 2026, at 8am. Other oil marketing companies (OMCs) are planning to review their prices, although some believe they should wait to see how competitors respond. While petrol and diesel consumers may see lower prices, LPG users face a projected increase of over 18%, with prices expected to hit about GH¢20.60 per kilogramme.

The Chamber of Oil Marketing Companies attributes these price changes to factors such as international petroleum market developments, exchange-rate pressures, and recent government interventions. On the international front, crude oil prices rose by 2.03% to US$126.73 per barrel for the October 16 pricing window due to renewed supply concerns and heightened tensions in the Middle East.

Despite this, refined petroleum products saw mixed results, with LPG prices climbing by 7.77% and diesel and petrol prices falling by 6.68% and 3.93%, respectively.

The local currency, the cedi, has depreciated by 1.61% against the US dollar and has lost more than 11% of its value since the start of the year. This depreciation, driven by factors such as seasonal import demand and higher energy costs, is expected to limit the extent to which the decline in international petrol and diesel prices is passed on to consumers. Additionally, competition among OMCs and the National Petroleum Authority's minimum price requirements will further shape the timing and scope of price adjustments.