The Chamber of Oil Marketing Companies (COMAC) has projected a second consecutive reduction in ex-pump prices of petroleum products in the second pricing window of January.
According to COMAC, petrol prices are expected to fall by between 1.26% and 2.30%, diesel by 1.97% to 2.10%, while liquefied petroleum gas (LPG) could decline by 3.10% to 5.09%.
In its second pricing outlook report for January, the chamber attributed the anticipated reductions to the appreciation of the Ghana cedi against major trading currencies and a general decline in international petroleum product prices.
COMAC noted that earlier fears of possible disruptions to Iran’s 3.3 million barrels-per-day crude oil output, as well as key global shipping routes, had pushed oil prices to their highest levels since October. However, prices eased shortly afterwards following comments by U.S. President Donald Trump indicating a halt to the unrest in Iran, which helped allay concerns over an imminent U.S. military response to protests against the government of Supreme Leader Ayatollah Ali Khamenei.
While international crude oil prices rose marginally by 1.63% during the period, refined petroleum products recorded declines. Petrol prices fell by 1.07%, gasoil by 0.68%, and LPG by 3.40%, underscoring the divergence between crude oil movements and finished product pricing on the international market.
On the domestic front, the Ghana cedi recorded a strong performance at the start of the year. For the January 16, 2026 pricing window, the local currency appreciated from GH₵11.52 to GH₵10.90 against the US dollar, representing a gain of 5.71%.
Databank Research has suggested that near-term foreign exchange pressures on the cedi are likely to be limited, as the market anticipates a gradual rollout of the US$1 billion earmarked for January 2026 under the Foreign Exchange Intermediation Programme.
COMAC reiterated that the combined effect of currency strength and declining international petroleum product prices is expected to support further reductions in ex-pump prices for petrol, diesel, and LPG in the current pricing window.