Some Oil Marketing Companies (OMCs) across Ghana have begun increasing the prices of petroleum products. Star Oil is now selling petrol at GHS15.20 per litre. This is a rise from its previous price of GHS14.60 recorded on May 16, 2025. The company, however, decided to keep the price of diesel steady at GHS15.81 per litre. These changes are part of the regular two-week review of fuel costs in the country.
The price adjustments are in line with Ghana's policy of deregulation for petroleum products. This policy allows oil firms to set their own prices based on market conditions. The increase in petrol prices by Star Oil marks a significant shift from the previous pricing window. It also sets a potential benchmark for other major players in the industry. Companies like Goil, Shell, Total, and Zen Petroleum are expected to announce their own price adjustments soon. The National Petroleum Authority (NPA) had set a price floor for petrol for the June 1 to June 16 period. This floor was set at GHS15.20 per litre, meaning no OMC should sell below this amount. This figure represents an increase from the previous period's pricing.
The Chamber of Oil Marketing Companies (COMAC) has forecast further price movements. They expect the price of petrol to rise by approximately 4.20% to 6.20%. This could push the price of a litre of petrol to around GHS15.92. Liquefied Petroleum Gas (LPG) might also see an increase of up to 2.24%, bringing the price per kilogram to GHS17.30. Conversely, diesel prices are projected to decrease by about 1.65% to 2.00%. This would result in a litre of diesel costing around GHS17.2. These projections are based on OMCs purchasing fuel on credit from bulk oil distributors.
COMAC has explained that these mixed price adjustments are due to several factors. Lower global oil prices are a contributing factor. Continued government-industry interventions also play a role in stabilizing prices. The recent pressure on the Ghana cedi has also impacted fuel costs. A joint government-industry measure, extended from May 16, 2026, has significantly influenced current pricing. This intervention has been removed for petrol but reduced for diesel, costing GHS1.07. This approach aims to cushion consumers from the full impact of higher international market prices while allowing gradual adjustments to reflect global rates.
The implications of these price changes are significant for consumers and the wider economy. Increased fuel costs can lead to higher transportation expenses. This, in turn, can drive up the prices of goods and services, contributing to inflation. The government and the NPA will be monitoring these developments closely. Consumers will be looking for stability and affordability in fuel prices. The performance of the Ghana cedi against major currencies will also remain a critical factor. Further updates will be provided as other OMCs announce their new pump prices.