Fuel Prices Set to Surge from March 16: Petrol Up 16.93%, Diesel 17.21% as Global Crude Soars
Ghanaians are bracing for another sharp increase in petroleum product prices starting Monday, March 16, 2026, with petrol expected to rise by 16.93% and diesel by 17.21%, according to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC).
The significant upward adjustment, the fourth since January and the largest single increase this year, is driven primarily by a dramatic surge in global crude oil prices triggered by escalating geopolitical tensions in the Middle East and disruptions to the Strait of Hormuz, a critical oil transit route.
COMAC’s report indicates that international petroleum product prices have climbed steeply in recent weeks: diesel by up to 43%, LPG by 23.96%, and petrol by 19.41%. Crude oil prices jumped from $71.41 to $86.55 per barrel in mid-March, tightening global supply and pushing ex-pump prices higher.
Projected new pump prices include:
Petrol: approximately GH¢14.32 per litre (up 16.93%)
Diesel: approximately GH¢16.10 per litre (up 17.21%)
LPG: up 11.26%, with a kilogram expected to sell at around GH¢10.67 (based on revised NPA floors)
The National Petroleum Authority (NPA) has also revised the minimum price floors for the second pricing window of March (March 16–31), setting new benchmarks that all Oil Marketing Companies (OMCs) and LPG Marketing Companies must respect:
Petrol: increased from GH¢10.46 to GH¢11.57 per litre
Diesel: raised from GH¢11.42 to GH¢14.35 per litre
LPG: adjusted upward to GH¢10.67 per kilogram from GH¢9.38
In a notice to industry players, the NPA emphasized that no OMC or LPGMC may sell below these floors during the period. The quoted floors exclude premiums charged by International Oil Trading Companies, Bulk Import, Distribution and Export Companies margins, and OMC/LPGMC operating margins, which companies determine independently under the Petroleum Products Pricing Guidelines.
Several OMCs have indicated they are likely to align with COMAC’s projected margins when reviewing prices from March 16. Industry observers are particularly watching the pricing decisions of market leaders Star Oil and GOIL, especially as selective discounts at service stations are prohibited during this window.
With over 200 OMCs operating in Ghana, the new floors and global price pressures are expected to translate into higher costs for transport, goods, and household energy, adding to the economic strain on consumers already facing repeated fuel price hikes in 2026.
The increases reflect the country’s vulnerability to international oil market volatility, despite Ghana’s crude oil exports, as the nation continues to import refined products. Market watchers anticipate further adjustments in the coming weeks if Middle East tensions persist or supply disruptions worsen.
