COMAC Projects Marginal Hike in Petrol and Diesel Prices From March 1
Prices of petroleum products are projected to edge up slightly from March 1, 2026, according to the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC) and sighted by Joy Business.
The anticipated adjustment would mark the third upward revision in fuel prices since the beginning of the year.
Unlike previous increments largely influenced by domestic factors, the latest projected rise is being driven mainly by higher crude oil prices on the international market, alongside increases in finished petroleum product prices.
Market checks indicate that the adjustment could have been steeper but for the recent marginal appreciation of the Ghana cedi against major trading currencies over the past two weeks.
COMAC data show that during the March 1, 2026 pricing window monitored by Databank, the cedi strengthened slightly from GHS 11.09 to GHS 11.04 per US dollar, representing a 0.45 percent gain.
Databank, in its market update, attributed the cedi’s modest appreciation to broader gains recorded by other major sub-Saharan African currencies, reflecting improved external conditions supported by sustained weakness of the US dollar.
Expected Price Adjustments
According to COMAC’s projections:
Petrol prices are expected to rise by 2.89 percent, potentially pushing the pump price to about GHS 12.04 per litre.
Diesel is projected to increase by 0.86 percent, with prices likely hovering around GHS 13.22 per litre.
Liquefied Petroleum Gas (LPG), however, is expected to decline marginally for the first time this year, with prices projected at approximately GHS 13.87 per kilogram.
Despite the projected increases, industry observers note that not all major oil marketing companies may immediately adjust pump prices from March 1, depending on their stock levels and pricing strategies.
Drivers of the Increase
COMAC’s analysis suggests that the expected uptick is primarily linked to higher global crude oil prices and upward movements in finished petroleum product prices.
Crude oil prices are currently trading near a seven-month high amid speculation of possible United States military action against Iran. Brent crude recently closed at around $71 per barrel, with some energy analysts forecasting that prices could climb toward $100 per barrel if geopolitical tensions escalate.
Meanwhile, finished petroleum products recorded mixed trends. Petrol prices rose by 4.58 percent, and gas increased by 1.66 percent, while LPG declined by 1.05 percent.
The projected adjustments highlight the continued sensitivity of Ghana’s fuel pricing to global oil market dynamics and exchange rate movements.
