Fuel prices in Ghana are expected to increase significantly in the second pricing window of March 2026, according to the latest projections by the Chamber of Oil Marketing Companies (COMAC).
The outlook indicates that petrol prices could rise by 16.93%, diesel by 17.21%, while Liquefied Petroleum Gas (LPG) may increase by 11.26% between March 16 and March 31.
The projected increases are largely driven by a sharp surge in global crude oil prices. Oil prices rose from about $71.41 per barrel to $100 per barrel in mid-March amid the war involving the United States, Israel and Iran. The geopolitical and military tensions which gave rise to the surge in crude oil prices on the international market has made international petroleum product prices also record notable increases. Diesel prices rose the most by 43.94%, followed by LPG at 23.96% and petrol at 19.41%.
Despite the surge in global prices, the Cedi recorded a marginal appreciation against the US dollar during the period. The local currency strengthened from GHS 11.049 to GHS 10.913 per dollar, representing about a 1.25% gain mitigating the percentage rise in price levels. Based on the projections, petrol could sell at about GHS 14.02 per litre, diesel at GHS 15.80 per litre, while LPG may go for around GHS 15.91 per kilogram at the ex-pump level.
The National Petroleum Authority has also set new ex-pump price floors for the pricing window, reflecting the rising global petroleum market trends.
Analysts attribute the fuel price increases partly to concerns about disruptions in the global supply chain. Given the fact that, the Strait of Hormuz which remains critical to global crude oil supply routes remains closed, and insecurity in that region, suggests available crude oil and its shipments will take along key global oil transit routes that avoid the Strait of Hormuz thereby making shipping more expensive and staying longer at sea, affecting delivery time.
The development suggests that consumers may face higher fuel prices at the pumps if the projected market conditions persists.
