Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps from this morning, June 1, 2026.

The increase is in line with the two-week review of fuel prices by the various oil firms in the country, as part of the price deregulation policy.

Star Oil took the lead this morning by increasing the price of petrol to GH¢15.20 per litre from GH¢14.60 per litre on May 16, 2025.  It, however, kept the price of diesel at GH¢15.81.

Based on the price quote by Star Oil, it has kept its price floor for petrol. However, that cannot be said of diesel.

It is also not clear for now how the other major players in the industry, including Goil, Shell, Total and Zen Petroleum will react to this development.

The National Petroleum Authority on May 28, 2026, announced the price floor for June 1 to June 16 pricing window, which showed that no oil marketing company should sell a litre of petrol below GH¢15.20. This actually marks an increase from the price quote at the last pricing window.

On the other hand, diesel has been set at GH¢15.49, from the May 16, 2026, quote. 

This should mean that OMCs should sell below this price at the pumps from June 1, 2026.

Industry Projection

According to the Chamber of Oil Marketing Companies (COMAC), the price of petrol is expected to go up between 4.20% and 6.20 %. This could result in a litre going for GH¢15.92 at the pumps.

LPG, on the other hand, could go up by as much as 2.24 %, resulting in a kilogramme going for GH¢17.30  

Diesel, however, is expected to go down between 1.65% and 2.00%, resulting in a litre og GH¢17.2.

These projections are based on oil marketing firms that are buying the various petroleum products on credit from the bulk oil distributors.

Reasons for Fuel Price Hikes

According to (COMAC), the mixed price reviews were due to lower global prices and continued government-industry interventions.

It also attributes it to the recent pressure on the Ghana cedi.

COMAC added that the Joint Government-Industry measure that was extended from May 16, 2026, had played a significant role in the pricing outlook for this week, including the margin of increase for petrol.  

Under the revision, the intervention has been zeroed out for petrol and reduced to GH¢1.07 for diesel.

This should mean that consumers continue to receive some cushioning from the full impact of the higher global market prices, while prices progressively adjust towards prevailing international market prices.