Fuel Prices Set to Surge Today, March 16
By Praisebell Rosemond Larbi
Prices of petroleum products in Ghana are expected to rise sharply from today, March 16, 2026, driven largely by a surge in global crude oil prices and escalating geopolitical tensions in the Middle East.
According to the latest pricing outlook report by the Chamber of Oil Marketing Companies (COMAC), a litre of petrol is projected to increase by 16.93 percent, while diesel prices are expected to climb by 17.21 percent.
Liquefied Petroleum Gas (LPG) is also forecast to increase by 11.26 percent.
The projected adjustments represent one of the most significant upward price movements since the start of the year and mark the fourth instance since January that fuel prices have been expected to rise in Ghana.
Expected Pump Prices
Data from COMAC indicates that the price of petrol could rise to about GH¢14.32 per litre, while diesel may increase to around GH¢16.10 per litre.
The anticipated LPG price per kilogram was not specified in the report, though the percentage increase suggests a noticeable upward adjustment for consumers.
Industry players say the expected price increases are largely being driven by sharp movements in international petroleum product prices.
Recent data shows that global diesel prices rose by as much as 43 percent, while LPG increased by 23.96 percent and petrol by 19.41 percent.
Global crude oil prices have also jumped significantly, rising from $71.41 per barrel to about $86.55 per barrel in mid-March 2026.
Global Tensions Driving Prices
The surge in crude oil prices has been linked to escalating geopolitical tensions in the Middle East and disruptions to shipping activities in the strategic Strait of Hormuz.
The key maritime route, which carries a substantial portion of the world’s oil supply, has experienced disruptions following ongoing hostilities involving the United States, Israel and Iran.
These developments have tightened global oil supply and pushed up international petroleum prices.
Oil Marketing Companies Expected to Adjust Prices
Some oil marketing companies have indicated that they are likely to implement price adjustments in line with COMAC’s projections when the new pricing window takes effect.
Market watchers are particularly focused on how two dominant players in the sector, Star Oil and GOIL PLC, will price their petroleum products.
The pricing decisions of these firms are often seen as benchmarks for other industry players.
Ghana currently has more than 200 Oil Marketing Companies (OMCs) operating in the downstream petroleum sector.
NPA Sets New Price Floors
Meanwhile, the National Petroleum Authority (NPA) has announced new minimum price floors for petroleum products for the second pricing window of March, from March 16 to March 31, 2026.
Under the revised price floor:
- Petrol has increased from GH¢10.46 to GH¢11.57 per litre
- Diesel has risen from GH¢11.42 to GH¢14.35 per litre
- LPG has moved from GH¢9.38 to GH¢10.67 per kilogram
In a notice to oil marketing companies, the Authority directed all marketers to comply with the new benchmarks in accordance with the Petroleum Products Pricing Guidelines (PPPG).
The NPA also clarified that the quoted price floors exclude premiums charged by international oil trading companies as well as margins for bulk importers, distributors and marketers.
The directive means that no oil marketing company or LPG marketer will be allowed to sell petroleum products below the approved price floors during the pricing window.
Industry analysts say the sharp increases in the minimum price thresholds signal that consumers should expect noticeable rises in pump prices across the country in the coming days.
