Petrol and Diesel prices decline as OMCs implement cuts

Several Oil Marketing Companies (OMCs) have begun reducing fuel prices, following industry projections for the month.

Vivo Energy (Shell) led the reductions, lowering petrol prices from GH¢12.69 to GH¢12.50 per litre, while diesel dropped from GH¢13.22 to GH¢12.99 per litre. PETROSOL has also cut petrol to GH¢12.48 per litre, with diesel now selling at GH¢12.48.

More OMCs have indicated to JoyBusiness that they expect to reduce petroleum product prices further before the end of the week. Some companies also noted they may review prices again in the next pricing window starting January 1, 2026, if current market conditions persist.

Background and Projected Changes

The Chamber of Oil Marketing Companies, in its latest outlook report, projected that petroleum product prices could decline by up to 4 per cent per litre in the second pricing window for December. Petrol is expected to fall between 1.64% and 3.89%, bringing the pump price to around GH¢12.90 per litre. Diesel could decrease by as much as 4.59%, resulting in a litre selling at about GH¢13.20. LPG is also projected to drop by up to 2.16%, bringing the price to roughly GH¢14 per kilogram.

Reasons for Price Reductions

The Chamber attributed the expected reductions to falling international prices of finished petroleum products. Despite a marginal increase in crude oil prices, major petroleum products recorded price declines due largely to global oversupply. Petrol prices fell by 6.5%, diesel dropped 11.67%, and LPG eased by 0.22%.

The Ghana cedi, however, depreciated slightly from GH¢11.14 to GH¢11.43 against the US dollar during the period.

The Chamber also noted that the price adjustments align with seasonal festive demand pressures, while limited foreign exchange support during the period restrained further appreciation of the cedi.