Some Oil Marketing Companies (OMCs) have started adjusting fuel prices at the pumps from the morning of February 16, 2026, following industry projections that petroleum product prices would rise by between 1% and over 3% per litre.

Checks by JOYBUSINESS on February 16, 2026, show that GOIL has adjusted petrol prices, selling a litre at GH¢10.24, up from GH¢9.99. Diesel prices have also increased from GH¢11.90 to GH¢12.83 per litre.

GOIL says these figures reflect discounted prices offered at 200 service stations nationwide. This suggests prices at other GOIL stations could be higher.

The development also shows that GOIL has adhered to the price floor announced by the National Petroleum Authority (NPA) for petrol, but has priced diesel above the floor.

Star Oil adjusts prices nationwide

Market leader Star Oil has also announced an increase in petroleum product prices at its service stations nationwide, effective 8:00am on February 16.

Petrol has gone up from GH¢9.99 to GH¢10.24 per litre. Diesel has also been adjusted, though JOYBUSINESS checks indicate Star Oil’s diesel price is slightly above the approved price floor.

A careful look at the numbers shows that while Star Oil also adhered to the petrol price floor, it moved slightly above the diesel floor.

More price changes expected

Other major OMCs have informed JOYBUSINESS that they will also adjust prices throughout the day.

With strict compliance expected around the NPA price floor, indications are that no operator can price petrol below GH¢10.24 and diesel below GH¢11.34.

Reasons for the increase

According to the Chamber of Oil Marketing Companies (COMAC), the projected price increases are largely driven by the depreciation of the Ghanaian cedi against the US dollar in January and February 2026, as well as by rising international crude oil and finished petroleum product prices.

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, including dividend payments.

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

However, data from some commercial banks indicate a depreciation rate of 4.16%.

International crude oil prices have surged more than 5% and are now trading near $70 a barrel.

Finished petroleum products have also risen, with petrol up 4.17%, gas oil up 5.57%, and LPG up 6.18%.

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