Motorists across the country have begun the New Year on a positive note as several Oil Marketing Companies (OMCs) rolled out modest reductions in ex-pump fuel prices at the start of the January pricing window.

The price adjustments, which took effect in the early hours of January 1, reflect a sustained downward movement in petroleum costs and offer some relief to both commercial and private vehicle users.

Market leader Star Oil was among the first OMCs to revise its prices, setting the pace for the industry. Under its new pricing regime, petrol is selling at GH¢10.86 per litre, diesel at GH¢11.96 per litre, while RON 95 is priced at GH¢13.56 per litre.

According to Star Oil, the reductions were made possible by a favourable cost environment, supported by the recent appreciation of the Ghana cedi and declining prices of refined petroleum products on the international market.

Industry players say the January cuts may not be the last. The Chamber of Oil Marketing Companies (COMAC) has projected further price reductions during the month as competition intensifies among OMCs. In its January outlook, COMAC forecast potential declines of up to 4.80 percent for petrol, about 3.77 percent for diesel, and approximately 2.19 percent for LPG.

COMAC attributed the positive outlook to a combination of improved exchange rate conditions and a surplus in global refined petroleum markets, which has eased pressure on local pump prices.

The developments are particularly significant for commercial drivers, including trotro operators, for whom fuel remains a major operating expense. The marginal price cuts are expected to help stabilise transport fares and, by extension, moderate food price inflation.

Analysts say if the cedi maintains its current strength and global crude oil prices stay below the $80 per barrel mark, consumers could enjoy further relief when the next pricing window opens in mid-January.