Some Oil Marketing Companies (OMCs) have started lowering fuel prices at the pumps from today, Friday, January 16, 2026, following projections of a decline of more than three percent in petroleum prices during the current pricing window.

GOIL, the second-largest player in the downstream petroleum sector, led the reductions early this morning by cutting the price of petrol from GH¢10.99 to GH¢9.99 per litre. Diesel prices at GOIL stations have also dropped from GH¢11.96 to GH¢11.21 per litre, effective 6:00 a.m.

In a statement issued today, GOIL explained that the reduction is part of a customer-focused initiative, with discounted prices available at 150 selected service stations nationwide. The company noted that standard prices will remain in effect at its other outlets. GOIL added that the move reflects its responsibility as a national energy company to support broader economic recovery efforts.

Market leader Star Oil has also announced price cuts, effective 8:00 a.m. Friday January 16. As Petrol is now selling at GH¢9.97 per litre, while diesel has been reduced to GH¢10.97 per litre across most of its stations. The company says the adjustment is in line with its ongoing fuel discount strategy.

Sources at Star Oil say the company welcomes the growing competition, describing it as beneficial to consumers and the industry. One source added that the price reductions strengthen arguments for the National Petroleum Authority to scrap the price floor policy, which prevents OMCs from selling fuel below a prescribed minimum.

Several other OMCs have also indicated plans to revise prices downward from today, January 16, 2026. Industry analysts note that GOIL’s approach appears similar to Star Oil’s competitive pricing model, which has driven strong market performance in recent months.

According to the Chamber of Oil Marketing Companies, the drop in fuel prices has been driven mainly by falling prices of finished petroleum products on the global market and the continued appreciation of the Ghana cedi against the US dollar.

The Chamber explained that although crude oil prices have risen slightly, an oversupply of refined products has led to price declines. Petrol prices were projected to fall by between 1.26 percent and 2.30 percent, while diesel was expected to drop by up to 2.10 percent. Liquefied Petroleum Gas (LPG) could also see a reduction of as much as 5.09 percent.

Meanwhile, the Ghana cedi recorded strong gains against major currencies, appreciating from GH¢11.52 to GH¢10.90 for the January 16 pricing window — a 5.71 percent increase. Databank Research has attributed the currency’s stability to the phased release of a US$1 billion allocation under the Bank of Ghana’s FX Intermediation Programme.

This marks the second reduction in petroleum product prices at the pumps this month.