Ghanaian motorists are bracing for another blow as fuel prices are set to increase from February 1, driven by the cedi’s depreciation and rising crude prices on international markets. According to the Chamber of Oil Marketing Companies (COMAC), petrol prices are expected to rise by up to 2.10% per litre, pushing pump prices to around GH¢11.48 per litre.
The cedi has come under pressure since January 1, 2026, driven by increased demand from businesses restocking for the year and multinational companies making foreign transfers in line with dividend payments. The Bank of Ghana’s January Economic and Financial Data shows that the cedi depreciated by about 4% against the US dollar during the period.
Diesel prices are projected to rise by 4.00-5.10%, with a litre likely to sell for around GH¢12.77. Liquefied Petroleum Gas (LPG) is expected to increase by 0.61%, resulting in a kilogram selling at approximately GH¢13.50. According to COMAC, the projected price increases are largely driven by the cedi’s depreciation against the US dollar in January 2026 and by rising international crude oil prices.
Crude oil prices surged from about 64 dollars per barrel to nearly 70 dollars per barrel within just two days during the review period. The rebound has been supported by disruptions to Kazakh exports, tightening conditions in global energy markets, and renewed US threats towards Iran.
The increase in fuel prices is expected to have a significant impact on Ghanaians, who rely heavily on petroleum products for transportation, cooking, and business operations. Transport operators may face pressure to raise ticket prices if the increases prove substantial enough to impact operating costs materially.
The government has been urged to prioritize measures aimed at stabilizing fuel prices, given their widespread impact on various sectors of the economy, including transportation, food production, and overall inflation.
Call or WhatsApp +233 20 2190 250 and share your story.
Author: Korkor Anumu
