New Year Fuel Price Cuts: Petrol, Diesel and LPG Prices to Fall on Stronger Cedi, Lower oil Prices on January 1, 2026
The Chamber of Oil Marketing Companies (COMAC) has projected fresh reductions in ex-pump prices of petroleum products for the first pricing window of January 2026, citing favourable movements in both the foreign exchange market and international oil prices.
In its pricing outlook, COMAC indicated that from Thursday, January 1, 2026, petrol prices are expected to decline by between 2.40% and 4.80%, while diesel prices are projected to fall by 2.42% to 3.77%. Liquefied Petroleum Gas (LPG) is also forecast to record a reduction of between 1.20% and 2.19%.
According to the chamber, the anticipated price cuts are being driven primarily by a sharp appreciation of the Ghana cedi and a notable drop in international petroleum product prices.
The report noted that the cedi strengthened significantly against major trading currencies as the year ended. For the January 1, 2026 pricing window, the local currency appreciated from GHS11.14 to GHS10.50 to the US dollar, representing an 8.20% gain. This marks one of the cedi’s strongest levels in recent months and a substantial improvement compared with the GHS14.84 recorded during the same period in January 2025.
On the international market, crude oil prices softened at the start of the new year, declining by 3.86% from US$63.79 to US$61.33 per barrel. COMAC attributed the easing prices to abundant global supply and rising inventories, which have continued to outweigh geopolitical risks linked to Russia, the Middle East and Venezuela.
The downturn in crude prices filtered through to refined petroleum products, with international prices of petrol falling sharply by 9.17%, diesel declining by 8.11%, and LPG easing by 3.82% over the review period.
COMAC said the combined effect of the stronger cedi and lower international product prices is expected to translate into consecutive reductions in domestic fuel prices as the new year begins.
