Prices of petroleum products are expected to decline marginally at the pumps from tomorrow, January 16, 2026.
The projection is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions by oil marketing companies and has been sighted by JOYBUSINESS.
This is the second time in January 2026 that prices are expected to go down at the pumps due to favourable developments on the international market and the cedi’s appreciation against the dollar.
Price Reduction
Based on data secured from the Chamber of Oil Marketing Companies, the price of petrol is expected to go down by between 1.26 percent and 2.30 percent. This could result in a litre of petrol selling at GHC 11.75.
Diesel is projected to decline by as much as 2.10 percent, which could see a litre selling at around GH¢ 12.45.
Liquefied Petroleum Gas is also expected to drop by up to 5.09 percent, resulting in a kilogram selling at approximately GH¢ 12.30.
Reasons
According to the Chamber of Oil Marketing Companies, the expected reduction has been influenced mainly by declining prices of finished petroleum products on the international market.
The report noted that despite a marginal increase in crude oil prices, major petroleum products recorded price declines due to global oversupply.
International petroleum prices remain on a downward trend. Petrol fell by 1.07 percent, diesel dropped by 0.68 percent, and LPG declined by 3.40 percent for the second pricing window.
The Ghana cedi, on the other hand, strengthened sharply against major trading currencies in the new year. For the January 16, 2026 pricing window, the currency appreciated from GHC 11.52 to GHC 10.90, representing a 5.71 percent gain.
Databank Research suggests that upcoming foreign exchange pressures on the cedi will be limited by the gradual rollout of the USD 1 billion allocation for January under the Bank of Ghana’s FX Intermediation Programme.
Some market watchers have argued that the cedi’s performance over the past two weeks played a significant role in the drop in fuel prices at the pumps.
Some oil marketing companies have told JOY BUSINESS that they will move soon to adjust prices at the pumps in the coming days, while others say the review could happen from next week.
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