Fuel Price Hike Fury! Ghana's OMCs Announce New Petrol, Diesel Rates.
Ghanaian Oil Marketing Companies, including Star Oil and Goil, have begun raising petrol and diesel prices, with further increases expected across the industry. These hikes are driven by renewed geopolitical tensions impacting international crude oil prices, a weakening Ghana cedi, and significant fluctuations in refined petroleum product markets.
Oil Marketing Companies (OMCs) in Ghana have commenced increasing the pump prices of petroleum products, aligning with recent industry projections for significant hikes. This upward trend is currently being led by major players in the sector, with Star Oil and market leader Goil already implementing new price adjustments, and further increases expected from other OMCs in the coming hours.
Star Oil, a prominent industry player, has set its petrol price at GH¢13.67 per litre, a rise from its previous GH¢12.79. Diesel prices at Star Oil have also seen a substantial increase, moving from GH¢14.95 on July 1, 2026, to GH¢16.27 per litre. Similarly, market leader Goil PLC has adjusted its prices, with petrol now selling at GH¢13.88 per litre, up from GH¢12.79, and diesel climbing from GH¢15.35 to GH¢16.30 per litre. A careful review of both Star Oil’s and Goil’s new pricing indicates that these companies have set their prices above the minimum price floor established by the industry regulator.
According to the National Petroleum Authority (NPA), the industry regulator, there are specific price floors for petroleum products. Based on NPA price quotes, no Oil Marketing Company or LPG Marketing Company is permitted to sell a litre of petrol below GH¢13.38 or diesel below GH¢14.35 during the pricing window. Both Star Oil and Goil's new prices for petrol and diesel are observed to be above these stipulated minimums.
Data from the Chamber of Oil Marketing Companies (COMAC) provides insight into the projected increases. Petrol prices are anticipated to rise by between 3.79% and 5.31%, potentially reaching approximately GH¢14.52 per litre. Diesel is also expected to increase by around 7 pesewas per litre, pushing its pump price towards GH¢16.00 per litre. Furthermore, Liquefied Petroleum Gas (LPG) is projected to experience an increase of between 1.10% and 1.30% per kilogramme.
COMAC attributes these upward adjustments primarily to renewed geopolitical tensions on the international stage. These tensions have significantly driven up the prices of international crude oil and refined petroleum products, fueled by growing concerns over potential supply disruptions and the security of shipping routes, particularly through the Strait of Hormuz. International oil prices, which initially declined by 7.96% from US$78.12 to US$71.90 per barrel, rebounded sharply after reports of a ceasefire breach on July 7 and 8. By July 14, Brent crude had surged past US$84 per barrel following reports of Iranian missile strikes on two UAE tankers, reintroducing a geopolitical risk premium to the oil market and reversing earlier price drops.
In addition to geopolitical factors, the slight weakening of the Ghana cedi during the pricing period has contributed to the price hikes. For the July 16 pricing window, the exchange rate for the US dollar moved from GH¢11.4333 to GH¢11.4970, representing a 0.55% depreciation. On the international market for refined petroleum products, diesel recorded the largest price increase at 8.14%, followed by petrol at 4.96%, while LPG prices saw a marginal decline of 0.92%.