Prices of petroleum products are set to increase marginally from February 16, 2026.

That is according to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketing companies and was sighted by Joy Business.

This marks the second time fuel prices are projected to rise, largely due to the depreciation of the Ghanaian cedi and rising prices of finished petroleum products and crude oil.

The cedi has come under pressure since January 1, 2026, driven by increased demand from businesses restocking for the year and multinational companies making foreign transfers in line with dividend payments.

The Bank of Ghana’s January economic and financial data shows that the cedi depreciated by about 4 per cent against the US dollar during the period.

However, data secured from some commercial banks showed that the cedi depreciated against the dollar by some 4.16 per cent.

Projected Price Hikes

COMAC data show that petrol prices are expected to increase by up to 1.97 per cent from February 16, resulting in a litre selling at GHC 11.97.

Diesel prices are projected to rise by 2.73 per cent, with a litre likely to sell for around GH¢13.09.

Liquefied Petroleum Gas, or LPG, is expected to increase by 3.26 per cent, resulting in a kilogram selling at approximately GH¢13.93.

However, the Chamber added that the current oversupply of refined petroleum products in the local market is expected to moderate these hikes.

This could result in only marginal increases at the pumps for the new pricing window.

Why Fuel Prices are Going Up

COMAC data indicate that the projected price increases are largely driven by the cedi’s depreciation against major currencies over the past two weeks and rising prices of crude and finished petroleum products on the international market.

According to COMAC, during the February 1 pricing window, the Ghana cedi depreciated from GHC 10.90 to GHC 10.98, representing a 0.77 drop in value.

International crude oil prices have surged by more than 5 per cent and are trading close to 70 dollars a barrel. Finished petroleum products have also risen, with petrol increasing by 4.17 per cent, gas oil by 5.57 per cent, and LPG by 6.18 per cent.

COMAC said it has received assurances from the Bank of Ghana that it remains focused on maintaining price stability while supporting economic growth.

Despite the projected increases, COMAC noted that intense competition in the downstream petroleum sector could lead many oil marketing companies to keep pump prices unchanged.

Industry sources indicate that some oil marketing companies may delay price adjustments from February 16, 2026, choosing instead to observe how major players respond before reviewing their prices.

Petroleum pricing has become increasingly critical for oil marketing companies over the past two years, given its impact on volumes sold, market share, profitability, and revenue.

New Price Floor for February 16 Window

The Chamber of Oil Marketing Companies has reminded all oil marketing companies and LPG marketing companies to comply with the established price floors in line with the Petroleum Products Pricing Guidelines.

Based on a notice issued by the National Petroleum Authority:

A litre of petrol, PMS, should not be sold below GHC 10.24 per litre.

Diesel, AGO: GHS 11.34 per litre.

LPG: GHS 9.43 per kilogram.

MGO Local: GHS 10.45 per litre.

Kerosene: GHS 9.21 per litre.

The Chamber stated that the price floors exclude premiums charged by International Oil Trading Companies, operating margins of BIDECs, and the Marketers’ and Dealers’ Margins of OMCs and LPGMCs.

These will be independently determined by the respective companies as stipulated under the PPPG.

The Chamber appealed to all OMCs and LPGMCs to strictly comply with the established ex-pump price floors.

According to the Chamber, adherence to these directives is vital to maintaining market stability, protecting consumers, and ensuring fairness across the industry.