New Changes In Fuel Prices Leave Ghanaians Uncertain

According to Joy Business, fuel prices in Ghana are moving in different directions as Oil Marketing Companies (OMCs) begin adjusting their pump prices for the first pricing window of November. While petrol prices have recorded a slight reduction, diesel prices have increased, bringing mixed news for motorists and other fuel consumers.

Star Oil has already taken the lead in the latest adjustments, reducing its petrol price from GH¢16.45 to GH¢16.38 per litre. However, diesel has increased from GH¢17.95 to GH¢18.45 per litre.

Other major fuel retailers are expected to announce their revised prices later today or during the week, meaning consumers could see different prices depending on the filling station they visit.

The latest adjustments follow projections by the Chamber of Oil Marketing Companies (COMAC) for the November 1–15 pricing window. The chamber expects petrol prices to fall by up to 3.35%, while diesel prices are projected to increase by 1.50%. Liquefied Petroleum Gas (LPG) is also expected to record a 0.81% increase.

Separate indicative figures from Joy Business estimate petrol prices at GH¢17.02 per litre and diesel at GH¢18.99 per litre. However, actual pump prices will depend on the individual pricing decisions of oil marketing companies.

The contrasting movements in fuel prices are largely linked to changes in international petroleum prices and the performance of the Ghanaian cedi against the US dollar.

During the review period, crude oil prices declined by 1.90%. However, refined petroleum products recorded different movements, with international petrol prices falling by 4.97%, while diesel prices increased by 3.54%. LPG recorded the sharpest increase, with its international price rising by 21.33%.

Meanwhile, the Ghanaian cedi appreciated by 0.70% to GH¢11.7326 against the US dollar, 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 have provided some support for the local currency. The chamber also pointed to a planned US$1.5 billion injection to strengthen the cedi ahead of the festive season. The stronger currency is expected to help reduce the impact of rising international petroleum costs on consumers.

Despite the increase in international diesel prices, measures introduced by the government and industry are expected to prevent the full cost from being passed on to consumers. Adjustments to the Energy Sector Shortfall and Debt Repayment Levy, alongside selected statutory margins, will remain in place for one month to cushion diesel consumers.

COMAC explained that the intervention maintains the government-industry burden-sharing arrangement introduced on April 16, 2026, to moderate increases in diesel prices at the pumps.

The latest adjustments present a mixed situation for Ghanaian motorists. Petrol users may enjoy some relief, although the reduction at Star Oil currently amounts to just seven pesewas per litre. Diesel consumers, on the other hand, are facing a 50-pesewa increase per litre at the same retailer.

With other major fuel retailers expected to announce their new prices during the week, consumers will be watching closely to see how the changes affect fuel costs across the country, particularly as the festive season approaches.

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