Ghana’s President, John Dramani Mahama, has directed a reduction in the regulatory margin on diesel by GH¢2 per litre for one month, effective Tuesday, August 4, 2026, following a sharp increase in fuel pump prices across major fuel retail outlets on Monday.
Oil Marketing Companies (OMCs) on Monday morning began reviewing pump prices upward, with petrol (gasoline) rising to GH¢16.29 per litre, while diesel exceeded GH¢19 per litre.
The OMCs attributed the price increases to higher international refined petroleum prices, driven by renewed conflict in the Middle East, as well as domestic market pressures.
The latest development has triggered widespread complaints from motorists on social media.
In response, the Presidency, in a statement issued by the President’s Spokesperson, Felix Kwakye Ofosu, announced a GH¢2 reduction in diesel prices, effective Tuesday, August 4, 2026.
The temporary measure is expected to help prevent transport fare increases, contain inflationary pressures, and reduce the impact of higher fuel prices on the cost of living.
The Presidency said the government will continue to monitor developments in the international energy market and introduce further policy measures where necessary to protect consumers and sustain the country’s economic recovery.
The reduction will remain in force for one month unless it is reviewed by the government.
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.