President John Dramani Mahama has directed a GH¢2.00 per litre reduction in the regulatory margin on diesel for one month as part of government’s latest intervention to cushion consumers against rising fuel prices and the increasing cost of living.
The directive, issued in line with a Cabinet decision and following a similar intervention implemented in April 2026, is expected to help stabilise transport fares, ease inflationary pressures and reduce the impact of recent fuel price hikes on households and businesses.
A statement signed by the Presidential Spokesman and Minister of State in charge of Government Communications, Felix Kwakye Ofosu, said the temporary measure would take effect from Tuesday, August 4, 2026, and remain in force for one month unless otherwise reviewed by the government.
According to the statement, the intervention forms part of government’s broader strategy to shield Ghanaians from external shocks affecting the petroleum market while sustaining the country’s ongoing economic recovery.
It said government would continue to closely monitor developments in the international energy market and introduce additional policy measures where necessary to protect consumers and maintain macroeconomic stability.
The announcement comes on the heels of a sharp increase in petroleum prices across the country, with Oil Marketing Companies (OMCs) raising pump prices from Saturday, August 1, under Ghana’s bi-weekly petroleum pricing mechanism.
The latest price adjustments, which will remain in effect until August 15, have pushed the prices of petrol and diesel to some of their highest levels this year, increasing operating costs for businesses and placing additional financial pressure on households.
The upward adjustment followed projections by the Chamber of Oil Marketing Companies (COMAC), which attributed the increase to rising global crude oil prices, higher refined petroleum product costs and the depreciation of the Ghana cedi against the US dollar.
Petrol Nears GH¢16 Per Litre
Major fuel retailers have revised their pump prices upward, with petrol at several filling stations approaching or exceeding GH¢16 per litre.
Shell is selling petrol at GH¢16.29 per litre, while diesel is retailing at GH¢19.49. GOIL has increased petrol to GH¢15.99 per litre, with diesel selling at GH¢19.26.
Star Oil initially raised petrol to GH¢15.53 per litre and diesel to GH¢18.77, but later revised its prices downward to GH¢14.53 for petrol and GH¢16.97 for diesel.
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At Dukes Petroleum, petrol is selling at GH¢14.97 per litre and diesel at GH¢17.60, while IBM is among the retailers recording the highest prices, with petrol selling at GH¢15.99 per litre and diesel at GH¢19.20.
The latest government intervention is expected to provide temporary relief to consumers and the transport sector as authorities seek to minimise the inflationary impact of rising fuel prices while broader global market pressures persist.
