Some Oil Marketing Companies (OMCs) have begun increasing fuel prices at the pumps, in line with industry projections. 

The increase is in line with the industry’s bi-weekly fuel price review mechanism under the petroleum price deregulation policy.

Major market player, Star Oil, took the lead on August 1, 2026, increasing petrol to GH¢14.53 from GH¢14.47, whilst diesel has also been reviewed fromGH¢17.67 to GH¢18.77.

Star Oil prices were the same as the price floor set by the National Petroleum Authority with respect to petrol.

Since July 15, 2026, Star Oil has reviewed petroleum prices at the pumps three times.

The Chief Executive of Star Oil, Philip Tieku, in a Facebook post on July 24, 2026, explained that since the start of this pricing window, international prices have risen sharply.

“World market prices of gasoline have increased by nearly 20%, while diesel prices have risen by approximately 25%”, he stated.

Over the same period, the Ghana cedi has also experienced some depreciation against the US dollar.

Mr. Tieku stated that most OMCs are increasing their prices even before August 1^st due to the fact that the majority of the players purchase petroleum products on a daily cash-and-carry basis. This means every new stock purchase is priced using prevailing international petroleum prices and the current exchange rate.

 According to him, this was to prevent arbitrage opportunities.

More OMCs Review Prices at Pumps 

More OMCs are expected to review prices at the pumps on August 2, 2026, whiles others have told Joy Business they will adjust prices on Monday, August 3, 2026.

Some of them have indicated that they will work with the industry price quotes, which may see petrol going for at least GH¢15.23 and diesel selling at GH¢17.45 or more than GH¢18 per litre.

Some market analysts, however, believe the increases at the pumps may not be as steep for many consumers, as several OMCs have already raised prices in recent weeks.

The development could put some pressure on the transport minister to grant the request of the Ghana Private Road Transport Union to increase transport fares.

Reasons for Increase

According to COMAC, the projected increase in fuel prices are being driven by a sharp rise in global crude oil prices and higher prices for refined petroleum products.

The Chamber said average crude oil prices increased by 23.25%, while refined petroleum products also recorded substantial gains. Diesel posted the highest increase at 24.84%, followed by petrol at 12.58% and LPG at 12.24%.

Average crude oil prices climbed from US$71.90 to US$88.62 per barrel during the review period.

COMAC attributed the surge to heightened geopolitical tensions, particularly developments surrounding the US-Iran conflict and uncertainty over the reopening of the Strait of Hormuz.

While initial optimism over a possible peace agreement briefly eased prices, Iran’s rejection of Oman’s shared-control proposal, renewed tanker attacks and continued shipping restrictions have sustained geopolitical risks, keeping Brent crude near US$88 per barrel.

The Chamber also cited the cedi’s depreciation as another key factor behind the expected price increases.

For the August 1 pricing window, the exchange rate moved from GH¢11.4970 to GH¢11.6593 per US dollar, representing a 1.41% depreciation, further increasing the cost of importing petroleum products.