Ghana’s leading Oil Marketing Company (OMC), GOIL, has maintained its petrol and diesel prices despite industry expectations of an upward adjustment in the latest fuel pricing window.
According to price information published on GOIL’s social media platforms on Wednesday, September 2, petrol remains at GH¢15.43 per litre, while diesel is being sold at GH¢17.26 per litre.
The factors behind GOIL’s decision to keep its prices unchanged have not yet been disclosed.
The move comes amid rising international crude oil and refined petroleum product prices, which are expected to increase pressure on fuel prices at the pumps.
It is also unclear whether competition within Ghana’s downstream petroleum sector or government efforts to prevent an increase in transport fares played a role in the decision.
GOIL’s move could influence other OMCs that are yet to announce their prices for the latest pricing window. Several industry players have indicated to JOYBUSINESS that they are expected to review their pump prices on Wednesday.
Meanwhile, some transport unions have cautioned that they could increase fares depending on how OMCs adjust their fuel prices this week.
GOIL’s current prices are above the latest price floor set by the National Petroleum Authority (NPA), which requires OMCs to sell petrol at no less than GH¢14.53 per litre and diesel at no less than GH¢15.60.
Ahead of the latest pricing window, industry players and think tanks had predicted increases in fuel prices, largely due to developments on the international market.
The Chamber of Oil Marketing Companies (COMAC) attributed the anticipated increases to higher crude oil prices and rising prices of refined petroleum products.
COMAC reported that crude oil prices rose by 1.75%, from US$90.53 to US$92.11 per barrel.
Prices of refined products also increased, with petrol recording an 8.86% rise, diesel climbing by 5.51% and LPG increasing by 3.31%.
The chamber noted that these increases occurred despite a strengthening of the Ghana cedi against the US dollar.
The cedi appreciated by 3.64% to GH¢11.3697 to the dollar, based on average bank rates recorded between August 12 and 27, 2026.
The appreciation ended three consecutive pricing windows in which the local currency had weakened and pushed the cedi to its strongest position since June 2026.
However, despite the currency’s improved performance, the continued rise in international crude oil and refined petroleum product prices is expected to sustain pressure on fuel prices in Ghana.
By: Prince Martey-Sogar