Prices of petroleum products are set to increase marginally from March 1, 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 seen by Joy Business.

This marks the third time since January this year that fuel prices are projected to rise.

However, this time, the spike has been influenced and driven largely by rising crude oil prices on the international market, as well as increases in finished petroleum product prices.

Our checks show that the rate of increase could have been higher if the cedi had not posted some marginal appreciation against major trading currencies over the past two weeks.

According to the Chamber of Oil Marketing Companies, the Ghana cedi appreciated marginally against major trading currencies.

For instance, during the March 1, 2026, Databank pricing window, the currency moved from GHS 11.09 to 11.04 per US dollar, representing a 0.45 percent surge.

Databank, in its market research report, noted that the cedi’s recent appreciation aligns with gains in other major sub-Saharan African currencies, reflecting broad external support driven by sustained dollar weakness.

Expected Price Hikes

COMAC's data shows that petrol prices are expected to increase by 2.89 percent and could result in a price of GHC 12.04 per litre.

Diesel prices are projected to rise by 0.86 percent, with a litre likely to sell for around GHS13.22.

Liquefied Petroleum Gas (LPG), for the first time this year, is expected to go down marginally and, from March 1, should sell at the pumps at GHS 13.87 per kilogram.

However, based on current market conditions, not all major oil marketing companies may move quickly to increase prices from this weekend or from March 1, 2026.

Reasons

COMAC's data indicate that the projected price increases are largely driven by rising prices of finished petroleum products as well as crude oil prices.

Oil prices are trading near a seven-month high amid speculation of potential US military action against Iran. Brent crude closed at about 71 dollars a barrel.

Some energy analysts have projected that crude prices could hit 100 dollars a barrel.

On the other hand, finished petroleum products recorded mixed movements. Petrol increased by 4.58 percent, and gas by 1.66 percent, while LPG fell by 1.05 percent.