Fuel Prices Set for Sharp Increase From March 16 as Global Oil Prices Surge

Fuel prices in Ghana are expected to rise sharply beginning March 16, 2026, according to the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC).

The report, which guides pricing decisions for oil marketing companies and was sighted by JoyBusiness, projects significant increases across major petroleum products. Petrol is expected to rise by 16.93 percent, while diesel could increase by 17.21 percent. Liquefied Petroleum Gas (LPG) is also projected to go up by 11.26 percent.

If the projections hold, the price of petrol could reach about GH¢14.32 per litre, while diesel may sell at approximately GH¢16.10 per litre at the pump.

Fourth Increase Since January

This will mark the fourth projected fuel price increase since January 2026. However, it is expected to be the steepest increase recorded this year for petroleum products.

Global Factors Driving the Increase

COMAC attributes the anticipated price surge mainly to rising global crude oil prices. The increase has been influenced by escalating geopolitical tensions in the Middle East and disruptions along the strategic oil shipping corridor known as the Strait of Hormuz.

The supply disruptions have pushed international petroleum prices upward. According to the report, diesel prices on the international market rose by about 43 percent, LPG increased by 23.96 percent, and petrol climbed by 19.41 percent.

Crude oil prices also recorded a sharp jump in mid March, rising from 71.41 dollars per barrel to 86.55 dollars per barrel.

Oil Marketing Companies Yet to Announce Final Prices

Some Oil Marketing Companies (OMCs) have indicated to JoyBusiness that they are likely to adjust their pump prices within the projected margins once the new pricing window takes effect.

Market watchers are particularly waiting to see the pricing decisions of the country’s two largest players, Star Oil and GOIL, whose price adjustments often influence the rest of the market.

Ghana currently has more than 200 licensed Oil Marketing Companies.

New Minimum Price Floors Announced

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 price floor has increased from GH¢10.46 to GH¢11.57 per litre

Diesel price floor has risen from GH¢11.42 to GH¢14.35 per litre

LPG price floor has moved up from GH¢9.38 to GH¢10.67 per kilogram

The NPA has directed all Oil Marketing Companies and LPG Marketing Companies to comply strictly with the new price thresholds.

According to the regulator, the approved price floors exclude premiums charged by International Oil Trading Companies as well as margins for Bulk Import, Distribution and Export Companies, marketers, and dealers. These costs will be determined independently by the companies in line with the Petroleum Products Pricing Guidelines.

With the new benchmarks in place, no oil marketing company will be allowed to sell petrol or diesel below the approved price floors during the pricing window.

The revised figures also provide an indication of expected pump prices across the country when the new fuel pricing regime takes effect on March 16.