Oil Marketing Companies (OMCs) have begun increasing pump prices for the second pricing window of September.

Star Oil is among the first to adjust its prices, raising the price of petrol from GH¢15.17 to GH¢16.77 per litre.

The new price, effective Wednesday, September 16, represents an increase of more than 6%.

Diesel has also risen from GH¢16.97 to GH¢17.77 per litre, a 4.71% increase.

In a social media post, Star Oil attributed the adjustment to higher international petroleum product prices and a slight depreciation of the Ghana cedi.

Joy Business understands that more OMCs are expected to review their prices today, although some companies say they will continue monitoring competition before making adjustments.

GOIL to assess market before increasing prices

The Group Chief Executive of GOIL, Edward Bawa, recently told Joy Business that the company would not rush to increase pump prices when the second pricing window opened on September 16.

He said consumers would remain at the centre of any decision on fuel prices.

Mr Bawa said GOIL was “studying the latest developments and assessing different scenarios before deciding on its next pricing move.”

“That in as much as we need to at least cover our costs, we need to ensure that our actions also go to ameliorate, what do you call it, the effects of increases in prices for them,” he said.

According to him, the company’s decision will depend on the latest market figures and the strategy it adopts to manage prevailing conditions.

Ghana currently has more than 200 OMCs, but indications suggest that only some may increase prices immediately, with others expected to adjust later in the week.

The latest increases could also renew pressure from the Ghana Private Road Transport Union (GPRTU) for higher transport fares, amid concerns over rising operational costs.

Why fuel prices are rising

The Chamber of Oil Marketing Companies (COMAC) attributed the latest increases to rising prices of crude oil and refined petroleum products on the international market, as well as pressure on the cedi.

In its latest pricing outlook, the Chamber said the cedi depreciated by 1.01% to GH¢11.4849 to the US dollar, based on average bank rates between August 27 and September 11, 2026.

It said Bank of Ghana interventions helped ease pressure in the foreign exchange market, curb speculative positioning and narrow the cedi’s year-to-date depreciation.

COMAC, however, noted that prices, particularly diesel, could have been higher without government support through the GH¢2 diesel subsidy.

NPA raises industry price floor

The National Petroleum Authority (NPA) has also increased the price floor for the second pricing window beginning September 16.

Market data picked up by Joy Business show that the petrol price floor has increased from GH¢14.53 to GH¢16 per litre.

The diesel price floor has also risen from GH¢15.60 to GH¢16.77 per litre, while the LPG price floor has been set at GH¢10.97 per kilogramme.

This means OMCs should not sell petrol below GH¢16 and diesel below GH¢16.77 per litre from Wednesday, September 16.

According to an NPA notice, the price floors exclude premiums charged by International Oil Trading Companies, the operating margins of Bulk Import, Distribution and Export Companies, and the margins of marketers and dealers.

These additional margins will be independently determined by companies under the prescribed petroleum pricing framework.

Most OMCs, however, are no longer pricing strictly at the NPA floor, having moved away from the strategy adopted when the price-floor policy was initially introduced.