Ghana’s fuel market is witnessing a price surge as Oil Marketing Companies (OMCs) commence adjustments at the pumps. Star Oil, a leading player, has increased its petrol price to ¢9.99 per litre, while maintaining diesel at ¢10.95 per litre, effective February 1, 2026.
According to Joy Business, the price hike is in line with industry projections of a 2-5% rise in petroleum product prices. The Chamber of Oil Marketing Companies (COMAC) attributes the increase to the depreciation of the Ghanaian cedi against the US dollar and rising international crude oil prices.
The cedi has come under pressure, depreciating by 0.77% to GH¢10.98, amidst increased demand from businesses restocking for the year and multinational companies making foreign transfers. Crude oil prices have also surged, rising from $64 to nearly $70 per barrel within two days.
Other major players, including Zen Petroleum and Goil, have also revised their prices. Zen Petroleum now sells petrol at ¢9.99 per litre and diesel at ¢11.44 per litre, while Goil’s petrol price is ¢9.99 per litre and diesel at ¢11.90 per litre.
The National Petroleum Authority (NPA) has directed OMCs to adhere to the new price floors to prevent undercutting and promote market stability. COMAC has received assurances from the Bank of Ghana that efforts to maintain price stability while supporting economic growth remain a priority.
The price increase is expected to impact consumers and businesses alike, with potential effects on transportation and production costs.
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Author: Korkor Anumu
