President John Dramani Mahama has directed an immediate GH¢2.00 per litre reduction in the regulatory margin on diesel to cushion consumers from rising fuel prices, with the measure taking effect on Tuesday, August 4, 2026.
The directive, announced in a statement issued on Monday by the Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu, forms part of Cabinet’s broader efforts to soften the impact of escalating fuel costs on households and businesses.
According to the statement, the intervention will apply exclusively to diesel for an initial period of one month, subject to government review. Petrol prices will not be affected under the current policy.
Government said the temporary relief is intended to prevent increases in commercial transport fares, contain inflationary pressures, and reduce the financial burden on businesses that rely heavily on diesel-powered operations.
The latest intervention is the second such measure by the Mahama administration aimed at shielding Ghanaians from rising petroleum prices linked to geopolitical tensions in the Middle East, exchange rate pressures, and volatility in the international oil market.
Pump Prices Rise Across OMCs
The policy announcement follows fresh fuel price increases by major Oil Marketing Companies (OMCs) during the first pricing window of August.
Shell is currently selling petrol at GH¢16.29 per litre and diesel at GH¢19.49 per litre. GOIL’s prices stand at GH¢15.99 for petrol, GH¢19.26 for diesel, and GH¢17.30 for Super XP 95.
Star Oil, which has adjusted its prices twice since the beginning of the month, now sells petrol at GH¢15.57 per litre, up from GH¢14.53, while diesel has increased to GH¢18.97 per litre from GH¢18.77. TotalEnergies is retailing petrol at GH¢14.99 per litre and diesel at GH¢17.98 per litre.
Star Oil attributed the upward adjustments to higher international petroleum product prices, exchange rate movements, and revisions to the National Petroleum Authority’s fuel price floor.
Government to Monitor Market Response
The sharp increase in diesel prices has raised concerns among transport operators, freight companies and businesses over higher operating costs and the likelihood of increased transport fares and consumer prices.
Government said it will continue to monitor developments in the global energy market and assess the effectiveness of the temporary relief measure. It also indicated that additional interventions could be considered if market conditions worsen as it seeks to protect consumers and sustain the country’s economic recovery.
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