President John Dramani Mahama has directed a GH¢2.00 per litre reduction in the regulatory margin on diesel to help cushion Ghanaians against rising fuel prices and the increasing cost of living.
According to an official statement issued on Monday, August 3, 2026, by the Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu, the new measure takes effect on Tuesday, August 4, 2026.
The government said the decision follows a Cabinet directive aimed at reducing the impact of rising fuel prices on households, businesses, and the broader Ghanaian economy.
Diesel Price Relief to Last One Month
Under the temporary intervention, the GH¢2 diesel price reduction will apply exclusively to diesel for an initial period of one month, subject to government review. The announcement clarified that petrol prices will not receive a similar reduction or subsidy during this period.
The policy is expected to ease pressure on commercial transport operators, reduce the likelihood of transport fare increases, support businesses facing higher operating costs, and help curb inflation.
Government Responds to Rising Fuel Prices
This marks the second government intervention aimed at protecting consumers from escalating petroleum prices linked to global oil market volatility, geopolitical tensions in the Middle East, and continued pressure on the Ghana cedi.
The latest action comes as several Oil Marketing Companies (OMCs) have increased fuel pump prices during the first pricing window of August.
Current Fuel Prices at Major Oil Marketing Companies
Major fuel retailers are currently selling petroleum products at the following prices:
- Shell: Petrol sells for GH¢16.29 per litre, while diesel costs GH¢19.49 per litre.
- GOIL: Petrol is priced at GH¢15.99 per litre, diesel at GH¢19.26 per litre, and Super XP 95 at GH¢17.30 per litre.
- Star Oil: Petrol now sells at GH¢15.57 per litre, up from GH¢14.53, while diesel has increased to GH¢18.97 per litre, up from GH¢18.77.
- TotalEnergies: Petrol is priced at GH¢14.99 per litre, with diesel selling at GH¢17.98 per litre.
Rising Global Oil Prices and Exchange Rate Pressure
Star Oil attributed its recent fuel price adjustments to higher international petroleum product prices, fluctuations in the Ghana cedi exchange rate, and changes to the National Petroleum Authority (NPA) price floor.
The continuous increase in fuel prices has significantly affected commercial transport services, freight and logistics companies, businesses, and consumers, raising concerns about higher transport fares and increased prices for essential goods and services.
Government to Monitor Fuel Market Developments
The government says it will continue monitoring developments in the international energy market and remains prepared to introduce additional measures if necessary to protect consumers and sustain Ghana’s economic recovery.
Officials noted that the effectiveness of the GH¢2 diesel price reduction will depend on how quickly Oil Marketing Companies adjust their pump prices to reflect the new regulatory relief beginning Tuesday, August 4, 2026.
The latest intervention underscores the government’s commitment to easing fuel costs, controlling inflation, supporting businesses, and protecting household incomes amid ongoing global economic challenges.
Source: newsthemegh.com