Fuel Prices Edge Up as Oil Marketing Companies Adjust Pump Rates Amid Global Market Pressures

Some Oil Marketing Companies (OMCs) have begun revising fuel prices upward at service stations nationwide, effective March 1, 2026, following industry projections of marginal increases in petroleum product prices.

Market checks conducted on March 2, 2026, indicate that GOIL has increased its petrol price to GH¢10.46 per litre, up from GH¢10.24. Diesel prices, however, remain unchanged at GH¢12.53 per litre.

According to GOIL, the announced figures represent discounted rates available at about 200 selected service stations across the country, suggesting that prices at other outlets may be slightly higher. The adjustment also shows compliance with the petrol price floor set by the National Petroleum Authority (NPA), while diesel prices remain above the approved minimum of GH¢11.42 per litre.

Star Oil Implements Similar Adjustments

Industry leader Star Oil has also revised its fuel prices nationwide, with the new rates taking effect from 8:00 a.m. on March 1. Petrol prices increased from GH¢10.24 to GH¢10.46 per litre, while diesel rose from GH¢11.42 to GH¢11.97 per litre.

Market observations indicate that although Star Oil adhered to the NPA’s petrol price floor, its diesel pricing exceeded the regulator’s minimum threshold.

Other major OMCs have indicated they may implement price adjustments in the coming days, with some operators choosing to monitor competitor pricing before making final decisions.

Under the current pricing framework, strict compliance with the NPA price floor means petrol cannot be sold below GH¢10.42 per litre, while diesel must not fall below GH¢11.42 per litre.

Global Market Trends Driving Price Changes

The latest fuel price adjustments have been largely attributed to rising crude oil and refined petroleum product prices on the international market over the past two weeks. Analysts note that the increases could have been steeper if not for the cedi’s marginal appreciation against major trading currencies during the same period.

Data from the Chamber of Oil Marketing Companies (COMAC) suggest petrol prices could rise by as much as 2.89 percent, potentially reaching around GH¢12.04 per litre, while diesel may increase by approximately 0.86 percent to about GH¢13.22 per litre in subsequent pricing windows.

Liquefied Petroleum Gas (LPG), however, is expected to record a slight decline to GH¢13.87 per kilogramme, marking its first price reduction this year.

Oil Market Outlook

On the global front, Brent crude oil traded at around US$78 per barrel as of March 2, 2026, influenced by ongoing geopolitical tensions in the Middle East. Market analysts warn that continued instability could push prices toward the US$100 per barrel mark, a development that may further impact domestic fuel prices in the coming months.

Industry watchers expect fuel pricing trends in Ghana to remain closely tied to global oil movements, exchange rate performance, and regulatory price benchmarks set by the NPA.