Fuel prices set for possible increase at pumps as cedi weakens and global oil prices rise

 

Fuel prices at filling stations across the country are poised for a possible increase in the February pricing window, as industry projections point to upward adjustments for petrol, diesel and liquefied petroleum gas (LPG), potentially ending January’s run of price declines.

If implemented, the adjustments would mark the first fuel price hike in 2026, following consistent reductions recorded at the pumps last month.

According to projections from the Chamber of Oil Marketing Companies (COMAC), petrol prices could rise by about 2.10 per cent, diesel by 5.10 per cent, and LPG by 1.09 per cent.

The projected increases are being driven largely by a combination of cedi depreciation and rising international petroleum product prices. Within the current pricing window, petrol prices on the international market have increased by 2.12 per cent, diesel by 6.73 per cent, and LPG by 3.66 per cent, reflecting renewed upward pressure on crude oil prices.

Crude oil prices surged significantly in early February, rising from about US$62.50 per barrel to US$67.40 per barrel within a short period. At the same time, the Ghanaian cedi weakened marginally against the US dollar, depreciating from GH¢10.90 to GH¢10.98, representing a 0.77 per cent decline.

Based on these trends, petrol is projected to sell at approximately GH¢11.48 per litre, while diesel, expected to record the steepest adjustment, could rise to around GH¢12.77 per litre. LPG prices are also forecast to increase to about GH¢13.50 per kilogram.

However, COMAC notes that intense competition among oil marketing companies (OMCs) and prevailing market dynamics could lead some marketers to absorb part of the increases, potentially keeping pump prices unchanged at certain outlets.

Indeed, some OMCs have already begun adjusting prices. Checks at filling stations on February 1, 2026, indicate that market leader Star Oil has marginally increased its petrol price, selling a litre at GH¢9.99, up from GH¢9.97. The company explained that the adjustment affects its discounted prices nationwide and was necessary to align with a revised petrol price floor.

COMAC has attributed the expected price movements primarily to the weakening cedi and higher international crude prices recorded in January 2026. The Chamber also noted that crude prices climbed sharply from about US$64 per barrel to nearly US$70 per barrel over just two days during the review period.

Despite these pressures, COMAC says it has received assurances from the Bank of Ghana that the central bank remains focused on maintaining price stability while supporting broader economic growth..