Fuel Prices set to Rise From Today as Cedi Weakens and Crude Oil Prices Climb
Prices of petroleum products are expected to rise from today, February 1, 2026, following renewed pressure on the Ghanaian cedi and an upswing in international crude oil prices.
This is contained in the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC), which serves as a guide for pricing decisions by oil marketing companies (OMCs).
The projected increases mark the first upward adjustment in fuel prices this year, reversing relative stability seen in recent pricing windows.
According to COMAC, the cedi has remained under pressure since the beginning of January 2026, largely driven by increased foreign exchange demand from businesses restocking for the year and multinational firms undertaking dividend-related transfers.
Data from the Bank of Ghana’s January Economic and Financial Statistics indicate that the cedi depreciated by approximately 4 per cent against the US dollar over the period.
Expected price adjustments
Based on COMAC projections, petrol prices are expected to increase by up to 2.10 per cent per litre, potentially pushing pump prices to around GH¢11.48 per litre from February 1.
Diesel prices are projected to rise by between 4.00 per cent and 5.10 per cent, with a litre expected to sell at approximately GH¢12.77.
Liquefied Petroleum Gas (LPG) prices are also forecast to edge up by 0.61 per cent, resulting in a kilogram selling at about GH¢13.50.
Key drivers
COMAC attributed the anticipated increases mainly to the depreciation of the cedi against the US dollar during January 2026, as well as rising international crude oil prices.
Crude prices rose sharply during the review period, increasing from about US$64 per barrel to nearly US$70 per barrel within two days.
The Chamber noted that for the February 1 pricing window, the cedi weakened from GH¢10.90 to GH¢10.98, representing a depreciation of about 0.77 per cent.
Despite these developments, COMAC said it has received assurances from the Bank of Ghana that it remains committed to maintaining price stability while supporting economic growth.
Crude oil market dynamics
COMAC observed that crude oil prices rebounded strongly in early February, climbing from around US$62.50 per barrel to approximately US$67.40 per barrel.
The rebound comes despite earlier expectations of a global supply glut and has been supported by disruptions to Kazakh oil exports, tightening global energy market conditions, and renewed geopolitical tensions, including fresh US threats towards Iran.
In tandem with higher crude prices, international refined petroleum product prices also recorded increases during the period.
Petrol prices rose by 2.12 per cent, diesel by 6.73 per cent, while LPG prices increased by 3.66 per cent.
Competition may temper price hikes
Despite the projected increases, COMAC noted that intense competition within the downstream petroleum sector could see some OMCs keep pump prices unchanged in the short term.
Petroleum pricing has become increasingly critical for OMCs over the past two years, given its direct impact on volumes sold, market share, profitability, and revenue.
Industry sources indicate that some OMCs may delay implementing price adjustments from February 1, opting instead to monitor the pricing responses of major market players before reviewing their own prices.
COMAC data show that during the previous pricing window, from January 16 to January 31, Zen Petroleum offered the lowest petrol price on the market at GH¢9.94 per litre, slightly above the industry price floor of GH¢9.80 and marginally lower than the discounted price offered by market leader Star Oil.
