Oil Marketing Companies (OMCs) across Ghana have begun implementing fresh increases in fuel prices at the pumps, reflecting the industry’s bi-weekly pricing review mechanism under the petroleum price deregulation policy. The adjustments come amid a sharp rise in global crude oil prices and sustained depreciation of the Ghana cedi against the US dollar.
Leading the charge, Star Oil revised its prices effective August 1, 2026, with petrol rising from GH¢14.47 to GH¢14.53 per litre, while diesel saw a more significant jump from GH¢17.67 to GH¢18.77 per litre. Star Oil’s petrol price now aligns with the floor price set by the National Petroleum Authority (NPA), while diesel remains above the regulated floor.
This marks the third time Star Oil has adjusted pump prices since July 15, 2026, a trend that industry watchers say reflects the volatility of international markets and the local currency’s weakening position.
In a social media update on July 24, Star Oil Chief Executive Philip Tieku highlighted the external pressures driving the increases. “World market prices of gasoline have increased by nearly 20%, while diesel prices have risen by approximately 25%,” he noted. Over the same period, the cedi depreciated by about 1.41%, moving from GH¢11.4970 to GH¢11.6593 per US dollar, further inflating the cost of imported petroleum products.
Tieku explained that many OMCs are raising prices ahead of the usual review window because the majority operate on a daily cash-and-carry basis. This means every new stock purchase is priced using prevailing international petroleum prices and the current exchange rate, a strategy he said was necessary to prevent arbitrage opportunities.
More OMCs are expected to follow suit on August 2, while others have indicated to Joy Business that they will adjust prices on Monday, August 3. Some have signalled that they will align with industry price quotes, which could see petrol selling for at least GH¢15.23 per litre and diesel ranging from GH¢17.45 to over GH¢18 per litre.
Despite the upward trend, some market analysts suggest the increases may not be as steep for consumers as initially feared, given that several OMCs had already raised prices incrementally in recent weeks. However, the cumulative effect is likely to place additional pressure on the transport sector, with the Ghana Private Road Transport Union (GPRTU) expected to renew its call for an increase in transport fares.
The Chamber of Oil Marketing Companies (COMAC) has attributed the projected price hikes to a confluence of global factors. Average crude oil prices surged from US88.62 per barrel during the review period—a 23.25% increase. Refined petroleum products also recorded substantial gains, with diesel posting the highest rise at 24.84%, followed by petrol at 12.58% and LPG at 12.24%.
COMAC further pointed to heightened geopolitical tensions, particularly developments surrounding the US-Iran conflict and uncertainty over the reopening of the Strait of Hormuz. Although initial optimism over a possible peace agreement briefly eased prices, Iran’s rejection of Oman’s shared-control proposal, renewed tanker attacks, and continued shipping restrictions have sustained geopolitical risks, keeping Brent crude near US$88 per barrel.
The combination of higher global prices, a weaker cedi, and supply-side uncertainties has left OMCs with little choice but to pass on costs to consumers. With the bi-weekly review cycle now in full swing, Ghanaians are bracing for a new normal at the pumps, even as the government faces mounting pressure to intervene or provide relief measures for the transport and haulage industries.
As the fuel price hikes ripple through the economy, all eyes will be on the Ministry of Transport and the NPA to see whether any regulatory measures will be introduced to cushion the impact on consumers and businesses. For now, the message from the pumps is clear: the cost of mobility is rising, and further adjustments may be inevitable if global and domestic conditions persist.
