Petrol prices drop as diesel rises in November fuel price adjustments

Motorists in Ghana are beginning to experience mixed changes in fuel prices as Oil Marketing Companies (OMCs) introduce new pump rates for the first pricing window of November 2026, with petrol becoming cheaper while diesel prices move upwards.

Star Oil is among the first fuel retailers to announce adjustments, cutting its petrol price from GH¢16.45 to GH¢16.38 per litre.

However, diesel users will pay more, as the company has increased its price from GH¢17.95 to GH¢18.45 per litre.

The adjustments follow the latest fuel pricing outlook released by the Chamber of Oil Marketing Companies (COMAC), which points to contrasting movements in petroleum product prices between November 1 and 15.

COMAC's projections indicate that petrol prices could decline by as much as 3.35%, while diesel and liquefied petroleum gas (LPG) prices are expected to increase by 1.50% and 0.81%, respectively.

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Indicative market estimates place petrol at GH¢17.02 per litre and diesel at GH¢18.99 per litre. However, actual pump prices will depend on the individual pricing strategies of fuel retailers.

Other major OMCs are expected to announce their revised prices as the new pricing window progresses.

Why Petrol and Diesel Prices Are Moving in Different Directions

According to COMAC, the different price movements reflect changes in international petroleum product prices, alongside developments in the foreign exchange market.

Although global crude oil prices declined by 1.90% during the review period, refined petroleum products recorded varying trends.

International petrol prices dropped by 4.97%, providing room for potential reductions at local fuel stations. Diesel prices, however, increased by 3.54%, while LPG recorded a significant 21.33% rise.

The contrasting movements have contributed to the expected difference in pump price adjustments across the three major petroleum products.

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Stronger Cedi Provides Some Relief to Fuel Prices

The appreciation of the Ghanaian cedi against the US dollar has also helped moderate the impact of international fuel price movements.

COMAC reported that the local currency strengthened by 0.70% to GH¢11.7326 against the dollar, based on average bank rates recorded between October 12 and October 27, 2026.

The chamber attributed some of the currency's improvement to foreign exchange interventions by the Ghana Gold Board over the preceding three weeks.

It also referenced a planned $1.5 billion injection aimed at supporting the cedi ahead of the festive season.

The stronger local currency is expected to reduce the cost pressures associated with importing petroleum products, helping to cushion consumers against increases in international market prices.

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Government Maintains Measures to Limit Diesel Price Increases

Meanwhile, the government and industry players have agreed to maintain existing adjustments to the Energy Sector Shortfall and Debt Repayment Levy, alongside selected statutory margins, for another month.

The arrangement is intended to reduce the impact of rising international diesel prices on consumers.

COMAC explained that the intervention would preserve the cost-sharing framework introduced on April 16, 2026, under which government and industry share the burden of moderating increases in diesel prices.

The chamber said the overall value of the intervention would remain unchanged during the latest pricing period.

With fuel retailers gradually announcing their revised rates, motorists are expected to see different price changes depending on the OMC they patronise.

The November pricing window therefore brings some relief to petrol users, while diesel consumers face higher costs despite measures introduced to cushion the increase.