Ghanaian fuel prices will increase significantly starting May 16, 2026. Petrol could rise by 5.29% to 7.30%, making a litre cost GHS 15.42. Diesel prices may increase by up to 7.30%, pushing a litre to GHS 17.83.
These price hikes stem from two main factors: higher international crude oil prices and the recent depreciation of the Ghana Cedi. The local currency depreciated by 0.95% against the US dollar within the last pricing window alone. Year-to-date depreciation averages 7.8% against major foreign currencies as of May 8, 2026, compared to 2.5% last year.
The rising fuel costs significantly affect Ghanaian households and businesses, increasing transportation and operating expenses. This trend contributes to broader inflationary pressures within the economy. Previously, the government absorbed GHS 2.00 per litre on diesel and GHS 0.36 per litre on petrol from April 16, 2026, to shield consumers. This intervention was initially for one month, ending May 15, 2026.
The Chamber of Oil Marketing Companies released this pricing outlook on May 15. Dr. Riverson Oppong, Chief Executive of the Chamber, indicated that prices would have been even higher without government intervention. He highlighted supply chain disruptions caused by a nearly 10-week conflict, which have pushed up global energy prices. However, average crude oil prices slightly declined to $112.07 per barrel in mid-May from $113.80 per barrel.
The government today announced the continuation of its intervention on diesel, absorbing GHS 1.07 per litre. This decision followed a Cabinet meeting led by President John Dramani Mahama. Richmond Rockson, Spokesperson for the Ministry of Energy and Green Transition, confirmed this through a statement. This latest intervention will last for two pricing windows, subject to further review based on international market developments.
Despite these measures, the overall increase in pump prices is unavoidable. Consumers will feel the pinch of higher transport and utility costs. Businesses, especially those reliant on fuel, will face increased operational expenditures. The sustained pressure on the Ghana Cedi and geopolitical events continue to pose challenges for the energy sector. Policymakers will closely monitor international oil markets and the Cedi's performance. Further interventions or adjustments to fuel prices may occur in response to these evolving conditions.