Fuel prices in Ghana are expected to rise significantly from March 16, 2026, according to the latest outlook report by the Chamber of Oil Marketing Companies.
The report, which guides pricing decisions for oil marketing companies, indicates that petrol could increase by 16.93 per cent, while diesel is projected to rise by 17.21 per cent. Liquefied Petroleum Gas (LPG) is also expected to record an 11.26 per cent increase.
Based on the projections, a litre of petrol could sell for about GH¢14.32, while diesel may reach GH¢16.10 per litre when the new pricing window begins.
Industry observers note that although fuel prices have been projected to rise several times since January, this is the first instance in 2026 where such steep increases are anticipated across all major petroleum products.
Global oil price surge behind increases
According to the report, the expected price hikes are largely linked to rising global crude oil prices driven by geopolitical tensions in the Middle East.
The disruption of a key maritime oil transit route, the Strait of Hormuz, has tightened global supply and pushed up international petroleum prices.
Crude oil prices reportedly climbed sharply in mid-March 2026, rising from $71.41 to $86.55 per barrel. International product prices also recorded significant increases, with diesel rising by up to 43 per cent, LPG by 23.96 per cent, and petrol by 19.41 per cent.
NPA introduces new price floors
Meanwhile, the National Petroleum Authority has introduced new minimum price floors for petroleum products for the second pricing window of March, covering the period from March 16 to March 31.
Under the revised benchmark, petrol cannot be sold below GH¢11.57 per litre, up from GH¢10.46, while diesel has increased from GH¢11.42 to GH¢14.35 per litre. LPG has also been adjusted upward to GH¢10.67 per kilogram from GH¢9.38 previously.
“As per the Petroleum Products Pricing Guidelines, all Oil Marketing Companies and LPG Marketing Companies are entreated to comply with the above price floors,” the Authority stated in a notice to industry players.
OMCs expected to adjust pump prices
Several Oil Marketing Companies have indicated that they are likely to adopt the projected increases when reviewing pump prices.
Market watchers are particularly awaiting price announcements from major industry players such as GOIL and Star Oil, which dominate the retail fuel market.
With more than 200 oil marketing companies operating in Ghana, the new price floors mean no company will be permitted to sell petroleum products below the approved thresholds during the current pricing window.
