Some Oil Marketing Companies (OMCs) have started adjusting fuel prices at the pumps from today, March 16 2026.

This is coming after it was projected that this pricing window will witness one of the highest increases in recent times.

Checks by Joy Business this morning March 16, 2026, showed that Star Oil has increased prices of petroleum products, selling a litre of petrol at GH¢12.49.

However, this marks a marginal reduction in the earlier price of GH¢12.90 announced by the firm on Sunday, March 15, 2026

On the other hand, diesel is going for GH¢15.99, up from the previous price of  GH¢14.36 announced by Star Oil on March 15, 2026.

Star Oil in a circular to its service stations across the country sighted by Joy Business directed all managers to update this new price at 8am today March 16, 2026.

GOIL is also reported to have adjusted its prices on Sunday, March 15, 2026.

 A litre of petrol is now selling at GH¢11.57 per litre, while diesel is going for GH¢14.35 per litre.

This is compared to the previous prices of GH¢11. 56 for petrol and GH¢12.88 for diesel.

Joy Business is not sure whether GOIL will move again this morning, March 16, 2026, to adjust prices.

Some industry persons will be looking forward to see how this move by Star Oil and Goil will shape the price quotes by the other OMCS in the country.

Again, some have argued that, if these prices are the final quotes, then there will not be any hikes that were projected by some industry players.

Some OMCs have also told Joy Business that petroleum prices will have gone up if the cedi wasn’t doing well against the major foreign currencies.

Reasons for Increase

The Chamber of Oil Marketing Companies (COMAC) attributes the expected price increases to a recent surge in global crude oil prices.

The development has been driven by escalating geopolitical tensions in the Middle East and disruptions to a key maritime oil transit route, the Strait of Hormuz.

These disruptions have tightened global supply and pushed international petroleum prices higher.

International refined product prices have also surged. Diesel prices have increased by up to 43%, LPG by 23.96% and petrol by 19.41%.

Global crude oil prices rose sharply in mid-March 2026, climbing from $71.41 to $86.55 per barrel, further contributing to the projected increases in pump prices

Data from COMAC indicated that petrol prices could increase by 16.93% to GH¢14.32 per litre, while diesel prices are expected to rise by 17.21% to GH¢16.10 per litre.