Fuel Price Uncertainty: GOIL and Star Oil to Hold Rates Despite COMAC’s Projected October Hikes

Ghanaian consumers face a mixed outlook for petroleum pricing as the new pricing window begins on October 1, 2026. While the Chamber of Oil Marketing Companies (COMAC) and the Chamber of Petroleum Consumers (COPEC) have forecast significant price increases, major market players GOIL PLC and Star Oil have pledged to maintain their current rates. COMAC projects that petrol prices could rise by up to 3.31% to approximately GH¢17.91 per litre, while diesel may see a sharper increase, potentially reaching GH¢19.60 per litre. Liquefied Petroleum Gas (LPG) is also expected to climb by roughly 2.25%, bringing the cost to about GH¢17.06 per kilogram. These projections are driven by a combination of rising international crude oil prices and the continued depreciation of the Ghana cedi, which recently traded at GH¢11.6321 to the US dollar.

In a move to cushion the public against these rising costs, GOIL and Star Oil announced they would not participate in the upward price adjustment for the upcoming window. Edward Abambire Bawah, CEO of GOIL, and Kwame Tieku, CEO of Star Oil, both confirmed their companies' decisions to absorb the market pressures to support consumers. This resistance to price hikes comes despite COPEC’s even more aggressive warnings, which suggested diesel could have faced a massive 22.91% increase due to international market volatility and currency fluctuations. The disparity between industry forecasts and the commitments of these leading Oil Marketing Companies (OMCs) suggests a competitive effort to maintain market share while providing relief to the motoring public.

Simultaneously, the government and the National Petroleum Authority (NPA) have introduced regulatory measures to manage the pricing environment. The NPA has revised the price floors for the October window, setting the minimum charges for petrol at GH¢16.45 per litre and diesel at GH¢17.97 per litre. These floors are intended to prevent predatory pricing but do not include additional charges from international oil trading companies. To further alleviate the burden on diesel consumers, the government has suspended the GH¢1-per-litre Energy Sector Shortfall Levy for a period of two months. These interventions, coupled with the stability offered by major OMCs, aim to mitigate the impact of global supply chain disruptions caused by ongoing geopolitical tensions, including the Russia-Ukraine conflict and instability in the Middle East.