Star Oil, GOIL lead fuel price cuts in new pricing window

Fuel prices have begun edging downward as Oil Marketing Companies (OMCs) roll out new pump rates at the start of the second pricing window of April, effective Thursday, April 16, 2026, offering modest relief to consumers. The development comes as many households and businesses continue to grapple with high transportation and energy costs, making even small reductions significant for daily expenses.

The changes follow revised minimum pricing benchmarks set by the National Petroleum Authority, as well as recent government interventions aimed at cushioning fuel costs. These benchmarks are typically influenced by global crude oil prices, exchange rate movements, and other macroeconomic factors that affect importation and distribution.

Star Oil has adjusted its prices in line with the new benchmarks. Petrol has been reduced by 3 pesewas per litre, from GH¢13.30 to GH¢13.27, while diesel recorded a sharper drop of GH¢1.00 per litre, falling from GH¢17.10 to GH¢16.10. The sharper reduction in diesel prices is expected to have a broader economic impact, particularly on transportation and logistics sectors that rely heavily on diesel-powered vehicles.

Its RON 95 product has also been revised downward to GH¢14.67 per litre from GH¢14.99. The new prices took effect from 8:00 a.m., with customers already beginning to experience the slight relief at the pumps.

State-owned GOIL has also aligned its pump prices with the updated pricing window. Petrol is now selling at GH¢13.27 per litre, down from GH¢13.30, while diesel has declined to GH¢16.10 per litre from GH¢17.10. However, its Super XP 95 price remains unchanged at GH¢15.77. The adjustments took effect from 6:00 a.m., positioning GOIL among the first to implement the revised rates.

The reductions mark a turnaround after successive price increases in recent pricing windows, largely driven by volatility in global oil markets amid tensions in the Middle East. These geopolitical developments have disrupted supply chains and contributed to price instability, affecting fuel-importing countries like Ghana.

The latest changes also follow government intervention to absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol, aimed at cushioning consumers against rising fuel costs. This intervention is part of broader efforts to stabilise the economy and reduce inflationary pressures linked to energy prices.

The policy is expected to support further marginal reductions across the market, with more OMCs likely to review their prices in the coming days. Industry analysts suggest that sustained declines will depend on global oil price trends, currency stability, and the government’s ability to maintain its intervention measures without shifting burdens onto other parts of the petroleum value chain.