By Adnan Adams Mohammed
The Ghana petroleum market is witnessing heightened competition and a welcome drop in fuel prices, a trend that is now putting pressure on commercial transport operators to reduce fares for consumers.
The Chamber of Petroleum Consumers (COPEC) is leading the charge, urging all commercial transporters, including major ride-hailing services like Bolt, Uber, and Yango, to immediately review and adjust their fares in line with the recent reductions in ex-pump prices. The move is aimed at passing on the benefits of easing cost pressures to the general public.
COPEC’s Executive Secretary, Duncan Amoah, in a statement, pointed to the downward adjustments in pump prices by some oil marketing companies within the current pricing window.
The Chamber said the reductions are consistent with movements in international refined petroleum prices, relative stability in the exchange rate, and heightened competition within Ghana’s deregulated downstream petroleum market.
COPEC’s year-on-year assessment further shows that consumers are recording significant savings under the current pricing window, with petrol and diesel prices down by between GH¢3 and GH¢4 per litre compared with January 2025.
“In this regard, COPEC calls on OMCs that have not yet reviewed prices within the current window to do so promptly, ensuring pump prices reflect prevailing market conditions and serve the broader interest of consumers.
“Consumers must not be denied the benefit of price reductions when international and local market conditions become favourable,” the statement concluded.
A Market Correction
The recent price adjustments by Oil Marketing Companies (OMCs) are a result of several favourable factors: stability in the cedi’s exchange rate, movements in international refined petroleum prices, and intensified competition within Ghana’s deregulated downstream sector.
Market leader Star Oil initiated significant cuts this week, with a litre of petrol now selling for as low as GH¢10.56 (and promotional discounts down to GH¢10.36), and diesel at GH¢11.56. State-owned GOIL has followed suit, with petrol priced at GH¢10.99.
This marks a significant improvement from January 2025, with COPEC highlighting year-on-year savings of between GH¢3 and GH¢4 per litre for consumers.
“Consumers must not be denied the benefit of price reductions when international and local market conditions become favourable,” stated Duncan Amoah, Executive Secretary of COPEC.
The Push for Consumer Relief
COPEC commended the proactive OMCs but stressed that fair and responsive fuel pricing is essential to alleviating financial pressures on households and businesses. The organisation is now focusing its attention on the transport sector.
Current pump prices indicate significant variations across OMCs, with a price difference of over 10% between the lowest and highest priced petrol.
Company Petrol (per litre) Diesel (per litre)
Star Oil GH¢10.56 GH¢11.56
GOIL GH¢10.99 GH¢11.96
TotalEnergies/Shell GH¢11.68 GH¢12.38
PETROSOL GH¢11.65 GH¢12.35
The call for fare reductions echoes a similar situation in May of last year, when transport fares dropped by 15% following negotiations between operators and the Ministry of Transport, leveraging the cedi’s appreciation at the time.
As OMCs continue to cut prices amid rising competition, the pressure mounts on transport unions and ride-hailing platforms to translate these savings into lower fares, ensuring the benefits of improved market conditions reach the everyday Ghanaian consumer.
