Fuel prices set to soar by 17% from March 16 amid global supply pressures

Fuel prices in Ghana are set to rise sharply from March 16, with petrol, diesel, and liquefied petroleum gas (LPG) expected to increase by 16.93%, 17.21%, and 11.26%, respectively, according to the Chamber of Oil Marketing Companies (COMAC).

The chamber attributed the projected hikes to rising global crude oil prices, driven by escalating geopolitical tensions in the Middle East and disruptions at the Strait of Hormuz, a key maritime oil transit route. These developments have tightened global supply and pushed international petroleum prices higher.

In its pricing outlook for March 16, 2026, COMAC noted that the global oil market pressures are translating into upward trends for fuel prices in importing countries, including Ghana.

Similarly, the National Petroleum Authority (NPA) has announced higher price floors for petroleum products for the second pricing window of March 2026, effective March 16, signaling potential increases at the pump nationwide.

The revised minimum ex-pump prices show a significant rise compared with the first pricing window of the month. Petrol will now sell at a minimum of GH¢11.57 per litre, up from GH¢10.46 per litre recorded between March 1 and 15. Diesel’s minimum price has jumped to GH¢14.35 per litre from GH¢11.42, while LPG will sell at GH¢10.67 per kilogramme, up from GH¢9.38. These adjustments represent increases of GH¢1.11 for petrol, GH¢2.93 for diesel, and GH¢1.29 for LPG within the month.

Industry analysts warn that the revised price floors are likely to push pump prices higher as oil marketing companies align retail prices with global market trends, potentially impacting transport costs and the cost of living across the country.