Petrol drops to GH¢16.38, diesel rises to GH¢18.45 as OMCs adjust pump prices

Oil Marketing Companies (OMCs) have begun adjusting pump prices for the first pricing window in November, with petrol prices falling and diesel prices rising. Star Oil took the lead over the weekend, reducing petrol from GH¢16.45 to GH¢16.38 per litre. It increased diesel from GH¢17.95 to GH¢18.45 per litre. Other major fuel retailers told JoyBusiness they will adjust prices later today or later this week. The changes follow projections by the Chamber of Oil Marketing Companies (COMAC) for the November 1–15, 2026 pricing window. The chamber projected a reduction of up to 3.35% in petrol prices, a 1.50% increase in diesel prices, and a 0.81% rise in liquefied petroleum gas (LPG) prices. Separate indicative figures from JoyBusiness put petrol at GH¢17.02 per litre and diesel at GH¢18.99. Actual pump prices will vary across marketing companies. COMAC attributed the mixed outlook to changes in international petroleum prices, a stronger cedi and government–industry intervention to cushion diesel consumers. Crude oil prices fell by 1.90% during the review period, but refined product prices moved in different directions. International petrol prices declined by 4.97%, while diesel prices rose by 3.54%. LPG prices rose the most, up 21.33%. The cedi, meanwhile, appreciated by 0.70% to GH¢11.7326 to the US dollar. This was 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 past three weeks provided modest support for the currency. The chamber also cited a planned $1.5 billion injection to support the cedi ahead of the festive period. The stronger currency is expected to help moderate the impact of international price increases on consumers. For diesel, adjustments to the Energy Sector Shortfall and Debt Repayment Levy and selected statutory margins remain in place for one month to cushion the increase. “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,” COMAC said.