Prices of petroleum products in Ghana are expected to rise significantly from March 16, 2026, according to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC).
The report, seen by Joy Business, indicates that petrol prices could increase by 16.93%, while diesel may rise by 17.21%. Liquefied Petroleum Gas (LPG) is also projected to go up by 11.26%.
If implemented, the adjustments could push the price of petrol to around GH¢14.32 per litre, while diesel could reach about GH¢16.10 per litre. LPG is also expected to see a notable increase per kilogram, although the projected retail price was not specified in the report.
This would mark the fourth projected fuel price increase since January 2026, but the first time this year that such a substantial jump has been forecast across all major petroleum products.
Global oil price surge driving increases
According to COMAC, the anticipated price hikes are largely linked to the recent surge in global crude oil prices. The rise has been triggered by escalating geopolitical tensions in the Middle East and disruptions to shipments through the Strait of Hormuz, a critical maritime oil transit route.
These developments have tightened global supply and pushed up international petroleum product prices.
Data from the report shows that diesel prices on the international market have increased by as much as 43%, while LPG prices have risen by 23.96% and petrol by 19.41%. Crude oil prices also climbed sharply in mid-March 2026, rising from $71.41 to $86.55 per barrel.
Oil marketing companies expected to adjust prices
Some oil marketing companies have indicated to Joy Business that they are likely to apply the projected margins when reviewing pump prices from March 16.
However, industry observers say attention will be focused on the pricing decisions of the sector’s dominant players — GOIL and Star Oil — whose pricing strategies often influence the wider market.
There are currently more than 200 oil marketing companies operating in Ghana.
Market analysts also note that from March 16, companies will no longer be permitted to offer selective discounts at their service stations, a policy change expected to influence pricing across the industry.
NPA sets new 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 March 16 to March 31.
Under the revised benchmarks:
- Petrol: increased from GH¢10.46 to GH¢11.57 per litre
- Diesel: increased from GH¢11.42 to GH¢14.35 per litre
- LPG: increased from GH¢9.38 to GH¢10.67 per kilogram
Industry observers say the diesel adjustment represents one of the sharpest movements in the price floor for a single product in recent times.
In a notice to oil marketing companies, the NPA said all operators must comply with the revised thresholds under the Petroleum Products Pricing Guidelines.
The Authority explained that the quoted price floors exclude premiums charged by international oil trading companies, as well as operating margins for bulk importers, distributors, marketers and dealers, which are determined independently by the companies.
The directive means no oil marketing company or LPG marketing company will be allowed to sell below the approved price floors during the pricing window. Firms currently selling below the thresholds will be required to adjust their pump prices upward to comply.
The new benchmark also provides an indication of expected pump prices from March 16, meaning petrol cannot be sold below GH¢11.57 per litre, while diesel cannot be sold below GH¢14.35 per litre.