Prices for petrol and diesel will jump significantly starting May 16, 2026. Petrol could rise by as much as 7.30%, making a litre cost GHS 15.42. Diesel prices may also climb by 7.30%, reaching GHS 17.83 per litre. Liquefied petroleum gas (LPG) is also forecast to increase by 3%, pushing the price of a kilogramme to GHS 17.10.
These higher costs are driven by two main factors. First, international market prices for crude oil have seen pressure. Second, the Ghana cedi has weakened against major trading currencies. The local currency dropped 0.95% against the US dollar between pricing windows, moving from GHS 11.2057 to GHS 11.3133. The year-to-date depreciation against all major foreign currencies averaged 7.8% by May 8, 2026, a stark contrast to the 2.5% in the same period last year.
This fuel price increase happens despite the government's decision to extend its intervention measures. The government had initially absorbed GHS 2.00 per litre on diesel and GHS 0.36 per litre on petrol from April 16, 2026. This support was set to end on May 15, 2026. The Ministry of Energy and Green Transition announced on May 15, 2026, that the subsidy on diesel would continue. The new subsidy for diesel will be GHS 1.07 per litre for the next two pricing windows, following a Cabinet meeting chaired by President John Dramani Mahama.
The Chamber of Oil Marketing Companies (COMAC) stated that the price hikes reflect market realities. "The projections are based on oil marketing firms that purchase products on credit from various bulk oil distributors," the source notes. Dr. Riverson Oppong, CEO of COMAC, previously told JOY BUSINESS that prices would have been even higher without the government's intervention. He also highlighted that international crude oil prices saw a slight drop in mid-May. Average crude oil prices fell from $113.80 per barrel to $112.07 per barrel.
However, disruptions to oil shipments through the Strait of Hormuz continue to impact global energy prices. This has driven up costs and sparked fears of rising inflation. The extended government subsidy on diesel, though reduced, aims to cushion consumers from the full impact of these global market forces. The continued depreciation of the cedi suggests that fuel price increases could persist if the currency does not stabilize. Consumers and businesses will be closely watching the next fuel price review, scheduled to consider market developments.