President John Dramani Mahama has directed a GH¢2.00 per litre reduction in the regulatory margin on diesel to cushion consumers against surging fuel pump prices, effective Tuesday, August 4, 2026.
The directive was confirmed in an official statement issued on Monday, August 3, 2026, by the Minister for Government Communications and Spokesperson to the President, Felix Kwakye Ofosu. According to the release, the decision was taken in line with Cabinet’s directive to mitigate the pass-through effect of rising fuel costs on the overall cost of living.
Under the directive, the temporary price relief will apply strictly to diesel for one month, unless otherwise reviewed by the government. There is no corresponding subsidy or reduction for petrol.
The intervention aims to prevent commercial transport fare hikes, contain mounting inflationary pressures, and provide immediate financial relief to businesses and households.
This intervention marks the second time the government has stepped in to buffer the public against elevated petroleum prices driven by geopolitical tensions in the Middle East and persistent pressure on the cedi.
The presidential directive comes at a time when retail fuel prices at various Oil Marketing Companies (OMCs) have been adjusted upward during the first pricing window of August:
- Shell: Petrol sells at GH¢16.29 per litre, with diesel at GH¢19.49.
- GOIL: The state-owned operator has petrol selling 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: Having adjusted its pump prices twice since the start of August, Star Oil sells petrol at GH¢15.57 per litre (up from GH¢14.53) and diesel at GH¢18.97 per litre (up from GH¢18.77).
- TotalEnergies: Petrol stands at GH¢14.99 per litre, while diesel is priced at GH¢17.98 per litre.
Star Oil attributed the frequent price adjustments to shifting international product costs, exchange rate fluctuations, and recent updates to the National Petroleum Authority’s (NPA) price floor.
The steep price hikes have disproportionately impacted road transport operators, freight delivery logistics, and commercial businesses, sparking concerns over immediate pass-through costs to transport fares and staple goods.
The government indicated that it will closely monitor international energy market developments and apply additional policy measures if necessary to protect citizens and support ongoing economic recovery efforts. However, the immediate impact of the policy will depend on how swiftly retail OMCs adjust their pump prices to reflect the GH¢2 discount starting Tuesday.
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