Fuel Prices set for Marginal Increase From February 16
Prices of petroleum products are expected to rise marginally from February 16, 2026, according to the latest outlook by the Chamber of Oil Marketing Companies (COMAC), which serves as a pricing guide for oil marketing companies (OMCs).
This will mark the second projected increase in fuel prices this year, driven largely by the depreciation of the Ghanaian cedi and higher international prices for crude oil and refined petroleum products.
COMAC attributed recent pressure on the cedi to increased foreign exchange demand since the beginning of the year, as businesses restock and multinational firms repatriate dividends. Data from the Bank of Ghana indicate that the cedi depreciated by about 4 per cent against the US dollar in January 2026, while figures from some commercial banks point to a slightly higher depreciation of approximately 4.16 per cent.
Projected price adjustments
COMAC estimates that petrol prices could increase by up to 1.97 per cent from February 16, with a litre likely to sell at around GH¢11.97. Diesel prices are projected to rise by 2.73 per cent to about GH¢13.09 per litre, while Liquefied Petroleum Gas (LPG) is expected to increase by 3.26 per cent to approximately GH¢13.93 per kilogram.
However, the Chamber noted that an oversupply of refined petroleum products in the local market could help moderate the increases, resulting in only marginal adjustments at the pumps during the upcoming pricing window.
Drivers of the increases
According to COMAC, the anticipated price hikes are primarily linked to the recent depreciation of the cedi and rising international oil prices. During the February 1 pricing window, the cedi weakened from GH¢10.90 to GH¢10.98 to the US dollar, representing a 0.77 per cent depreciation.
On the international market, crude oil prices have risen by more than 5 per cent and are trading close to US$70 per barrel. Prices of finished petroleum products have also increased, with petrol up by 4.17 per cent, gas oil by 5.57 per cent, and LPG by 6.18 per cent.
COMAC said it has received assurances from the Bank of Ghana that it remains committed to maintaining price stability while supporting economic growth.
Despite the projected increases, the Chamber noted that strong competition within the downstream petroleum sector could lead some OMCs to keep pump prices unchanged. Industry sources suggest that certain companies may delay price adjustments from February 16 as they monitor pricing decisions by major market players.
Price floors reminder
Ahead of the new pricing window, COMAC has reminded OMCs and LPG marketing companies (LPGMCs) to comply with the approved price floors under the Petroleum Products Pricing Guidelines.
Based on a notice from the National Petroleum Authority (NPA), the minimum ex-pump prices are as follows: petrol (PMS) at GH¢10.24 per litre; diesel (AGO) at GH¢11.34 per litre; LPG at GH¢9.43 per kilogram; MGO Local at GH¢10.45 per litre; and kerosene at GH¢9.21 per litre.
The Chamber clarified that these price floors exclude premiums charged by international oil trading companies, operating margins of bulk import, distribution and export companies (BIDECs), as well as marketers’ and dealers’ margins. These components, it said, are to be determined independently in line with the Petroleum Products Pricing Guidelines.
COMAC urged all OMCs and LPGMCs to strictly adhere to the established price floors, stressing that compliance is critical to market stability, consumer protection, and fairness across the downstream petroleum industry.
