Prices of petroleum products in Ghana are expected to increase 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 rise by 16.93%, diesel by 17.21%, and Liquefied Petroleum Gas (LPG) by 11.26% in the upcoming pricing window.
If implemented, the increases could push the price of petrol to around GH¢14.32 per litre, while diesel may reach about GH¢16.10 per litre. LPG is also expected to increase by 11.26%, although the projected retail price per kilogram was not indicated in the report.
This would mark the fourth projected fuel price increase since January 2026, but the first time this year that such a large margin of increase has been forecast across all major petroleum products.
Global oil price surge behind increases
COMAC attributes the expected rise to the recent surge in global crude oil prices, driven by escalating geopolitical tensions in the Middle East and disruptions to shipments through the Strait of Hormuz, one of the world’s most important oil transit routes.
These developments have tightened global supply and pushed up international petroleum prices.
According to the report, diesel prices on the international market have increased by as much as 43%, followed by LPG at 23.96% and petrol at 19.41%.
Crude oil prices have also climbed sharply, rising from $71.41 to $86.55 per barrel in mid-March 2026.
Oil marketing companies preparing for adjustments
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 two dominant players in the sector — GOIL and Star Oil — whose price adjustments often influence broader market trends.
There are currently more than 200 oil marketing companies operating in Ghana.
Market watchers also note that from March 16, companies will no longer be allowed to offer selective discounts at their service stations, a move expected to influence how pump prices are set 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 (March 16–31).
Under the revised benchmark:
- 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 analysts say the diesel adjustment represents one of the sharpest price floor movements for a single product in recent times.
In a notice to oil marketing companies, the NPA said all industry players must comply with the revised price floors 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.
The directive means no oil marketing company or LPG marketer will be allowed to sell below the approved price floors during the pricing window. Companies currently selling below the thresholds will be required to adjust their pump prices upward.
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.