OMCs Increase Fuel Prices
By Praisebell Rosemond Larbi
Some Oil Marketing Companies (OMCs) have begun increasing fuel prices at the pumps, following higher international petroleum prices and the depreciation of the Ghana cedi.
The adjustments are in line with the industry’s bi-weekly fuel price review mechanism under Ghana’s petroleum price deregulation policy.
Market leader Star Oil implemented new prices on August 1, 2026, raising the price of petrol to GH¢14.53 per litre from GH¢14.47, while diesel increased to GH¢18.77 from GH¢17.67 per litre. The new petrol price matches the price floor set by the National Petroleum Authority (NPA). It is the third time Star Oil has revised its pump prices since July 15.
Chief Executive of Star Oil, Philip Tieku, attributed the increases to sharp rises in global fuel prices. In a Facebook post on July 24, he said world gasoline prices had climbed by nearly 20 percent, while diesel prices had increased by about 25 percent since the current pricing window began.
He explained that many OMCs purchase petroleum products daily on a cash-and-carry basis, meaning each new shipment reflects prevailing international prices and the current exchange rate. According to him, early price adjustments also help prevent arbitrage opportunities within the market.
More OMCs are expected to revise their prices from August 2, with others indicating they will implement new rates on August 3. Industry estimates suggest petrol could sell for at least GH¢15.23 per litre, while diesel may range from GH¢17.45 to above GH¢18.00 per litre, depending on individual pricing strategies.
Despite the projected increases, some market analysts believe the impact on consumers may be less severe, as several OMCs have already adjusted their prices in recent weeks.
The latest fuel price increases are also expected to renew pressure on the government over transport fares, with the Ghana Private Road Transport Union likely to push for an upward adjustment.
The Chamber of Oil Marketing Companies (COMAC) attributed the projected increases to rising global crude oil prices, higher refined petroleum product costs and the weakening cedi. According to the Chamber, average crude oil prices rose by 23.25 percent during the review period to US$88.62 per barrel, while diesel, petrol and LPG prices increased by 24.84 percent, 12.58 percent and 12.24 percent respectively.
COMAC said geopolitical tensions, including the US-Iran conflict and uncertainty surrounding the Strait of Hormuz, have kept global oil prices elevated. It also noted that the cedi depreciated by 1.41 percent during the pricing window, further increasing the cost of fuel imports.
