Some Oil Marketing Companies (OMCs) have moved to reduce fuel prices at the pumps again, with Star Oil this morning selling a litre of petrol at GH¢10.36 and diesel at GH¢11.36 at selected outlets across the country.
These prices, however, are based on Star Oil’s discounted pricing policy, which applies to some of its service stations nationwide.
During the first pricing window, which began on January 1, 2026, Star Oil reduced the price of petrol to GH¢10.86 per litre, while diesel sold at GH¢11.96.
The company further reduced prices on January 6, 2026, with petrol dropping to GH¢10.56 per litre and diesel to GH¢11.56, before the latest adjustment to GH¢10.36 and GH¢11.36, respectively.
Meanwhile, state-owned GOIL, the second largest OMC in the industry, also announced a reduction in pump prices on January 6. GOIL is now selling petrol at GH¢10.99 per litre, while diesel is going for GH¢11.96.
This marks the second price reduction within the first pricing window for January 2026.
Some industry players have described the developments as early signs of price competition among leading oil marketing companies.
Checks by JoyBusiness show that GOIL took the lead with the second price reduction announced earlier today, followed shortly by Star Oil.
Other market players have told JoyBusiness that they are preparing to respond to the top players' price movements in the coming days.
Some Oil Marketing Companies have also indicated that if the cedi’s current performance is sustained through the month, consumers could see another round of price reductions from January 16, 2026.
The Chamber of Oil Marketing Companies, in its outlook report for January 2026, projected that the price of petrol could fall by between 2.40% and 4.80%, bringing the pump price per litre to around GH¢11.90.
Diesel was projected to decline by as much as 3.77%, with a litre selling at approximately GH¢12.50, while Liquefied Petroleum Gas was expected to drop by about 2.19%, with a kilogramme selling at around GH¢13.40.
According to the Chamber, the expected reductions have been driven mainly by falling prices of crude oil and finished petroleum products on the international market.
Market data shows that international refined product prices declined sharply during the period, with petrol falling by 9.17%, diesel by 8.11%, and LPG by 3.82%.
The cedi has also strengthened against the US dollar, appreciating by more than 3% over the past three weeks.
For the January 1, 2026, pricing window, the local currency strengthened from GH¢11.14 to GH¢10.50 to the dollar, representing an 8.20% gain.
This marks one of the cedi’s strongest performances in recent months and a significant improvement from the GH¢14.84 recorded during the same period last year.
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