The government has confirmed it will absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol effective today, Thursday April 16, 2026, as the new petroleum pricing window opens, in a Cabinet-approved one-month intervention aimed at cushioning consumers from the impact of the global oil price surge triggered by the Middle East conflict.
Presidential Spokesman and Minister of State for Government Communications Felix Kwakye Ofosu announced the specific figures on Wednesday, providing the clearest official detail yet on the scale of the relief following a Cabinet directive issued on April 9.
“This will lead to a net loss of about GH¢200 million that could have accrued to the government, but it is a necessary sacrifice to bring relief to the people of Ghana,” the Energy Ministry stated.
The announcement arrives after weeks of sharply rising pump prices. Crude oil surged from around $63 per barrel on February 26 to a peak of $102 following the closure of the Strait of Hormuz, through which approximately 20 percent of global crude oil supply passes. As of the April 1 to 15 pricing window, petrol had reached GH¢13.30 per litre while diesel climbed to GH¢17.10 per litre, among the steepest increases in recent memory.
The Cabinet-approved package goes beyond the price absorption alone. Transport Minister Joseph Nikpe has been directed to fast-track the deployment of 100 newly acquired Metro Mass Transit (MMT) buses onto high-traffic corridors, with those buses required to charge fares below those of private operators to provide immediate commuter relief. A second batch of 100 buses is expected in August 2026, with a final batch of 100 in November.
Kwakye Ofosu also confirmed that President Mahama used the Cabinet session to remind ministers and senior officials to strictly observe his existing ban on fuel allowances.
Whether the absorption translates fully into lower pump prices remains uncertain under Ghana’s deregulated fuel pricing system, where Oil Marketing Companies (OMCs) set final retail prices based on a combination of global crude movements, exchange rates, distribution costs, and operational margins. Some analysts project modest diesel price reductions, while petrol relief may be partially offset by ongoing global market pressures.
The intervention is designed to last one month, after which the government will assess global oil market conditions to determine whether further measures are necessary.
