Some OMCs drop fuel prices ahead of Nov. 16 review as competition intensifies

Several oil marketing companies (OMCs) have cut fuel prices in anticipation of upcoming reviews scheduled for November 16, 2026. Among them, Star Oil has decreased the cost of petrol from GHC 16.35 to GHC 15.97, a reduction of approximately 38 pesewas. Diesel prices have also been lowered from GHC 18.45 to GHC 18.37. No official reason has been provided for this move, which follows a previous price reduction by Star Oil at the start of November 2026, where petrol prices were cut marginally while diesel prices saw a slight increase.

In contrast, the market leader, GOIL, has not adjusted its pump prices since the beginning of November 2026. It remains uncertain whether Star Oil's pricing adjustments are a response to increased competition or the result of securing more competitive bulk oil distribution licenses, thereby saving costs that are now being passed on to consumers.

Another OMC, JP, has also reduced its petrol price from GHC 16.43 to GHC 15.95 and its diesel price from GHC 18.97 to GHC 18.35. According to current regulations, prices are expected to be reviewed on the 1st and 16th of each month, but the National Petroleum Authority (NPA) has allowed OMCs to proceed with additional reviews if they comply with guidelines from the market regulator.

With crude oil prices falling from over 100 dollars to around 93 dollars per barrel due to reports of a potential peace deal between Iran and the USA after the Democrats gained control of both houses, fuel prices could potentially decrease from November 16, 2026. However, the end of the government's subsidy on petroleum products on November 30, 2026, is another development to monitor, as it is unclear whether the subsidy will be extended and how this may impact fuel prices from the middle of November 2026 into early December 2026.