Some OMCs drop fuel prices ahead of November 16 review as competition intensifies

Some oil marketing companies (OMCs) have moved to reduce prices at the pumps ahead of the sanctioned dates for price adjustments and reviews in November 2026.

Our checks this morning showed that one of the major oil marketing companies, Star Oil, has reduced prices at the pumps.

Star Oil, for instance, has reduced the price of petrol from GHC 16.35 per litre to GHC 15.97.

This represents a reduction of about 38 pesewas from the previous price.

The price of diesel has also been reduced from GHC 18.45 to GHC 18.37.

There has been no official explanation for the latest move. This comes after Star Oil, at the beginning of November 2026, reduced petrol prices while marginally increasing the price of diesel.

Meanwhile, the market leader, GOIL, has not reviewed its pump prices since the beginning of November 2026.

Our checks also do not indicate that the company is taking steps to reduce prices at the pumps this week.

It remains unclear whether Star Oil is responding to competition or whether securing a bulk oil distribution license is helping the company obtain petroleum products at more competitive prices, with the resulting savings being passed on to consumers.

Another oil marketing company, JP, has also reduced its petrol price from GHC 16.43, quoted on October 16, to GHC 15.95.

The price of diesel has also been reduced to GHC 18.35 from GHC 18.97.

Under the current regulations governing the pricing of petroleum products, prices are supposed to be reviewed on the 1st and 16th of each month.

However, the National Petroleum Authority (NPA) has maintained that oil marketing companies can proceed with price reviews at the pumps, provided the adjustments are in line with the guidelines sanctioned by the market regulator.

Crude oil prices have fallen from more than 100 dollars a barrel to around 93 dollars. This follows reports that, with the Democrats taking over both houses in the USA, steps will be taken to reach a peace deal with Iran soon.

The Ghana cedi has also remained fairly stable and, in some instances, has strongly appreciated against the US dollar.

Therefore, if these developments are anything to go by, there is a likelihood that fuel prices could decline at the pumps from November 16, 2026.

However, another development to watch closely is the expected end of the government's subsidy on petroleum products on November 30, 2026.

It remains unclear whether the government will extend the programme again and how this could affect the pricing of petroleum products from the middle of this month and into the first week of December 2026.