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Fuel prices at the pumps are expected to fall again from January 16, 2026, as favourable foreign exchange movements and declining international petroleum product prices outweigh a modest rise in crude oil prices.
According to the Chamber of Oil Marketing Companies (COMAC) January 16 pricing outlook, petrol, diesel and liquefied petroleum gas (LPG) are projected to record second consecutive reductions during the pricing window, bringing some relief to consumers.
International crude oil prices rose marginally by about 1.6 per cent, driven by geopolitical tensions and supply risks in key oil-producing countries. However, prices of refined petroleum products continued to decline, with petrol falling by about 1.1 per cent, diesel by 0.7 per cent and LPG by roughly 3.4 per cent on the international market.
COMAC attributed the projected local price reductions largely to the strong performance of the Ghana cedi against the US dollar. The cedi appreciated from about GHS11.52 to GHS10.90 to the dollar for the January 16 pricing window, representing a gain of over five per cent.
The outlook indicates that ex-pump prices for petrol are projected to decline by between 1.26 per cent and 2.30 per cent, while diesel prices are expected to fall by about 1.97 per cent to 2.10 per cent. LPG is projected to record the steepest reduction, ranging from about 3.10 per cent to 5.09 per cent.
COMAC noted that the strengthening cedi has significantly reduced the cost of imported petroleum products, helping to offset the impact of higher crude oil prices on the international market.
The chamber also cited expectations of limited near-term pressure on the local currency, supported by improved market confidence and the anticipated rollout of foreign exchange inflows under ongoing FX interventions.
If fully reflected at the pumps, the projected reductions are expected to ease transport and household energy costs, while providing modest relief for businesses amid broader economic recovery efforts.
