Fuel prices begin to fall as Star Oil cuts petrol to GH¢16.45

Some oil marketing companies (OMCs) have begun reducing fuel prices at the pumps as the second pricing window for October takes effect. Star Oil reduced its petrol price from GH¢16.64 to GH¢16.45 per litre, effective 8am on Friday, October 16, 2026. Other OMCs have told JoyBusiness they intend to review their prices, although some say they will monitor competitors before making adjustments. While motorists could benefit from lower petrol and diesel prices, users of liquefied petroleum gas (LPG) face a projected increase of more than 18%. The Chamber of Oil Marketing Companies expects LPG to sell at about GH¢20.60 per kilogramme. Reasons for the adjustments The Chamber attributed the projected price movements to developments in the international petroleum market, exchange-rate pressures, and recent government interventions. According to its report, average crude oil prices rose by 2.03% to US$126.73 per barrel for the October 16 pricing window. The Chamber linked the increase to renewed supply concerns, citing uncertainty over a proposed US-backed energy ceasefire involving Ukraine and fresh attacks on Saudi Arabia amid the conflict with Iran. Despite the rise in crude prices, refined petroleum products recorded mixed movements. International LPG prices increased by 7.77%, while diesel and petrol prices fell by 6.68% and 3.93%, respectively. Meanwhile, the cedi depreciated by 1.61% against the US dollar, reaching an average bank rate of GH¢11.8222 between September 26 and October 11, 2026. The Chamber said the local currency had lost more than 11% against the dollar since the beginning of the year, with seasonal import demand and higher energy costs continuing to exert pressure. The weaker cedi is expected to limit how much of the decline in international petrol and diesel prices is passed on to consumers. Competition and the NPA’s price floor Some OMCs say competition will influence the timing and extent of their price adjustments. However, their pricing decisions must also comply with the National Petroleum Authority’s minimum price requirements. Market information available to JoyBusiness puts the petrol price floor at GH¢16.09 per litre and the LPG floor at GH¢13.87 per kilogramme. These floors represent minimum selling prices, not the pump prices that every company must charge. Actual prices may therefore vary among OMCs.