OMCs begin January fuel price cuts

Some oil marketing companies (OMCs) have started implementing marginal reductions in ex-pump fuel prices at the start of the New Year, marking the first pricing window for January.

The reductions are expected to provide modest relief to consumers, continuing the downward trend in fuel prices seen in recent weeks.

Market leader Star Oil has made early adjustments in line with industry expectations. Under the latest pricing, a litre of petrol sells at GH¢10.86, diesel at GH¢11.96, and RON 95 at GH¢13.56.

Star Oil attributed the reductions to a combination of falling international prices for refined petroleum products and the recent appreciation of the Ghana cedi, which has lowered import costs and allowed savings to be passed on to consumers. Selected stations across the country will offer the discounted rates.

Further reductions are expected in the coming days as competitive pressures intensify during the January pricing window.

In its January pricing outlook, the Chamber of Oil Marketing Companies (COMAC) projected across-the-board declines, with petrol expected to fall by up to 4.80 per cent, diesel by about 3.77 per cent, and liquefied petroleum gas (LPG) by roughly 2.19 per cent.

COMAC said the anticipated cuts reflect a favourable domestic and external cost environment, with lower global refined product prices reducing landing costs and a stronger cedi easing exchange-rate pressures that typically affect ex-pump pricing.