BY Issah Olegor
Motorists and households across Ghana are bracing for a steep rise in petroleum prices beginning March 16, 2026, following new projections that indicate one of the most significant fuel price adjustments recorded so far this year.
According to the latest outlook report released by the Chamber of Oil Marketing Companies (COMAC), the prices of petrol, diesel and liquefied petroleum gas (LPG) are expected to rise sharply during the next pricing window.
The report projects that petrol prices will increase by 16.93 percent, potentially pushing the pump price to around GH¢14.32 per litre. Diesel, which is widely used in transportation and industrial operations, is expected to rise by 17.21 percent, with the projected pump price reaching approximately GH¢16.10 per litre.
Meanwhile, Liquefied Petroleum Gas (LPG) is anticipated to increase by 11.26 percent, continuing a steady upward trend in the cost of cooking gas.
This would mark the fourth projected fuel price increase since January 2026, but industry analysts say the scale of the anticipated adjustment makes it the largest single increase per litre recorded this year.
Global Oil Market Pressures
The projected price hikes are largely being driven by developments on the international oil market.
According to the COMAC report, global crude oil prices surged sharply in mid-March, rising from $71.41 to $86.55 per barrel within a short period.
The spike in prices has been linked to escalating geopolitical tensions in the Middle East, particularly disruptions affecting the Strait of Hormuz, one of the world’s most critical maritime oil transport corridors. Any disruption to this route significantly affects global oil supply, triggering price increases across international petroleum markets.
The report also revealed that refined petroleum product prices have surged dramatically on the global market. Diesel prices increased by up to 43 percent, while LPG rose by 23.96 percent and petrol by 19.41 percent, further intensifying pressure on domestic fuel pricing.
Oil Marketing Companies Preparing Adjustments
Some Oil Marketing Companies (OMCs) operating in Ghana have indicated that they are likely to adjust their pump prices in line with the projected increases once the new pricing window takes effect. GOIL filling stations have already effected the price changes.
However, market analysts say particular attention will be on pricing decisions taken by the country’s two dominant fuel distributors, GOIL Company Limited and Star Oil Company Limited, whose pump prices often influence market trends.
The development comes amid new regulatory enforcement preventing oil marketing companies from offering selective discounts at individual filling stations beginning March 16, a move aimed at promoting fairness and transparency in the petroleum market.
Currently, Ghana’s downstream petroleum sector includes more than 200 Oil Marketing Companies, all of which must operate within the regulatory framework set by the National Petroleum Authority (NPA).
NPA Introduces New Minimum Price Floors
As part of preparations for the second pricing window of March, the NPA has introduced revised minimum price floors for petroleum products effective March 16 to March 31, 2026.
Under the new benchmarks: Petrol price floor increased from GH¢10.46 to GH¢11.57 per litre, Diesel price floor jumped from GH¢11.42 to GH¢14.35 per litre and LPG price floor rose from GH¢9.38 to GH¢10.67 per kilogram
In a notice issued to oil marketers, the NPA emphasized that all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) must comply with the new pricing thresholds in accordance with the Petroleum Products Pricing Guidelines (PPPG).
The Authority clarified that the approved price floors exclude additional costs such as premiums charged by International Oil Trading Companies (IOTCs) and operational margins determined by Bulk Import, Distribution and Export Companies (BIDECs), as well as marketers’ and dealers’ margins.
Impact On Consumers
The new benchmarks effectively mean that no oil marketing company will be permitted to sell petrol below GH¢11.57 per litre or diesel below GH¢14.35 per litre during the pricing window.
Companies currently selling fuel below these thresholds will therefore be required to adjust their prices upward to comply with regulatory directives.
