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Ghana Fuel Prices Drop but LPG Set to Rise Over 18% in October Second Pricing Window
Some oil marketing companies have begun reducing fuel prices at the pumps as Ghana’s second pricing window for October takes effect. Star Oil cut its petrol price from GH¢16.64 to GH¢16.45 per litre effective 8am on Friday, October 16, 2026. Furthermore, other OMCs told JoyBusiness they intend to review their prices. However, some say they will first monitor competitors before making adjustments. Therefore, pump prices may vary across different stations in the coming days.
LPG Users to Face Over 18% Price Increase
While motorists benefit from lower petrol and diesel prices, LPG users face a different reality. The Chamber of Oil Marketing Companies projects LPG to sell at about GH¢20.60 per kilogramme. This represents an increase of more than 18%. Moreover, international LPG prices rose by 7.77% in the current pricing window. Therefore, households and businesses that rely on cooking gas will feel the most pressure from October’s price movements.
Why Prices Are Moving — Crude Oil and Cedi Depreciation
The Chamber attributed the price movements to developments in the international petroleum market and exchange-rate pressures. Average crude oil prices rose by 2.03% to US$126.73 per barrel. The Chamber linked the increase to renewed supply concerns over a proposed US-backed energy ceasefire involving Ukraine and fresh attacks on Saudi Arabia amid the conflict with Iran.
However, refined petroleum products recorded mixed results. International diesel prices fell by 6.68% and petrol by 3.93%. In addition, the cedi depreciated by 1.61% against the US dollar, reaching an average bank rate of GH¢11.8222 between September 26 and October 11, 2026. The local currency has lost more than 11% against the dollar since the start of the year.
NPA Price Floors and Market Competition
OMCs must comply with the National Petroleum Authority’s minimum price requirements when setting pump prices. The petrol price floor stands at GH¢16.09 per litre and the LPG floor at GH¢13.87 per kilogramme. These are minimum selling prices, not fixed prices every company must charge. As a result, actual prices may vary among OMCs. Furthermore, competition among companies will influence the timing and extent of price adjustments across the market.