Fuel Prices Set For Sharp Increase From Today Amid Surge in Global Crude Prices
Prices of petroleum products in Ghana are expected to increase sharply from today, March 16, 2026, following a surge in global crude oil prices and supply disruptions in key international shipping routes.
The projected increase is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions of oil marketing companies (OMCs).
According to the report, petrol is expected to increase by 16.93%, while diesel is projected to rise by 17.21%. Liquefied Petroleum Gas (LPG) is also forecast to increase by 11.26%.
If implemented, the adjustments could see the price of petrol rise to about GH¢14.32 per litre, while diesel may sell at approximately GH¢16.10 per litre.
This will mark the fourth time since the beginning of 2026 that petroleum product prices have been projected to increase. However, it is the first time this year that such a significant margin of increase has been recorded across all major petroleum products.
Drivers of the increase
COMAC attributed the expected rise largely to the sharp increase in global crude oil prices, driven by escalating geopolitical tensions in the Middle East and disruptions to the Strait of Hormuz, a key maritime oil transit route that facilitates a significant share of global petroleum shipments.
The disruptions have tightened global supply and pushed international petroleum product prices upward.
Available data show that international diesel prices surged by as much as 43%, while LPG and petrol increased by 23.96% and 19.41%, respectively.
Global crude oil prices also jumped sharply in mid-March 2026, rising from about US$71.41 per barrel to approximately US$86.55 per barrel.
OMCs expected to adjust prices
Some oil marketing companies are likely to adjust their pump prices in line with the projected increases as the new pricing window begins today, March 16.
Market watchers will, however, be paying particular attention to the pricing decisions of leading OMCs such as Star Oil and GOIL PLC, which are among the dominant players in Ghana’s downstream petroleum market.
Their pricing is expected to set the tone for the rest of the industry, especially as the regulator tightens compliance with new pricing thresholds.
Ghana currently has more than 200 oil marketing companies operating in the downstream petroleum sector.
NPA raises price floors
Meanwhile, the National Petroleum Authority (NPA) has announced new minimum price floors for petroleum products for the second pricing window of March, covering the period from March 16 to March 31.
Under the revised benchmarks, the minimum price for petrol has been increased from GH¢10.46 to GH¢11.57 per litre, while diesel has been adjusted upward from GH¢11.42 to GH¢14.35 per litre.
Liquefied Petroleum Gas (LPG) has also been raised from GH¢9.38 to GH¢10.67 per kilogram.
In a notice to oil marketing companies, the regulator urged all OMCs and LPG marketing companies to comply with the new price floors in accordance with the Petroleum Products Pricing Guidelines.
The Authority clarified that the quoted price floors exclude premiums charged by International Oil Trading Companies as well as the operating margins of Bulk Import, Distribution and Export Companies and marketers.
The revised thresholds mean that no OMC or LPG marketing company will be permitted to sell petroleum products below the approved minimum prices during the pricing window. Companies currently selling below the new benchmarks will therefore be required to adjust their pump prices upward.
