Market leader GOIL has maintained its petrol and diesel prices for the latest pricing window, despite expectations of an increase at the pumps.
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 reasons behind GOIL’s decision to hold its prices remain unclear.
The move comes amid rising international crude oil and refined petroleum product prices, which industry players had expected to push local fuel prices higher.
It is also uncertain whether competition within the downstream petroleum sector or government’s efforts to prevent increases in transport fares played a role in GOIL’s decision.
As the market leader, GOIL’s decision could influence pricing decisions by other Oil Marketing Companies (OMCs) preparing to review their pump prices.
OMCs Expected to Adjust Prices
Several OMCs have indicated to JOYBUSINESS that they are expected to review their prices on Wednesday.
Meanwhile, some transport unions have warned that fares could be increased depending on how OMCs adjust their prices during the latest pricing window.
GOIL’s current prices remain above the latest price floor set by the National Petroleum Authority (NPA).
Under the NPA’s price floor, petrol should not be sold below GH¢14.53 per litre, while the minimum price for diesel is GH¢15.60 per litre.
International Prices Drive Expectations
Ahead of the latest pricing window, industry stakeholders and think tanks had anticipated an increase in fuel prices, largely due to developments on the international market.
The Chamber of Oil Marketing Companies (COMAC) said the expected adjustment was being driven by 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 finished petroleum products also increased during the period, with petrol rising by 8.86%, diesel by 5.51% and LPG by 3.31%.
The increases came despite a strengthening of the Ghana cedi against the US dollar.
The cedi appreciated by 3.64%, reaching GH¢11.3697 to the US dollar, based on average bank rates recorded between August 12 and 27, 2026.
The appreciation ended three consecutive periods of depreciation and pushed the cedi to its strongest position since June 2026.
Despite the gains by the cedi, higher international crude oil and refined petroleum prices continue to create upward pressure on domestic fuel prices.
