Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pumps following industry projections that petroleum product prices would increase by between two and more than five per cent per litre.
Checks yesterday showed that market leader Star Oil has adjusted its petrol price, selling a litre at GH¢9.99, up slightly from GH¢9.97.
The company said the adjustment affects its discounted prices nationwide, explaining that the review was necessary to align pricing with the new petrol price floor, which has been revised marginally upward.
However, Star Oil has maintained its diesel price at GH¢10.95 per litre. These adjustments took effect on February 1, 2026.
Another major industry player, Zen Petroleum, has also revised its prices. The company is now selling petrol at GH¢9.99 per litre, up from GH¢9.94.
Zen Petroleum has also increased its diesel price to GH¢11.44 per litre, effective February 2, 2026.
GOIL has likewise adjusted its prices, with petrol now selling at GH¢9.99 per litre, while diesel has increased to GH¢11.90.
However, these prices apply to discounted rates at approximately 200 service stations nationwide.
Additional price updates are expected as more OMCs complete their pricing reviews, with several companies projected to adjust pump prices from February 2, 2026.
According to the Chamber of Oil Marketing Companies (COMAC), the projected increases were largely driven by the depreciation of the Ghanaian cedi against the US dollar in January 2026, coupled with rising international crude oil prices.
Crude oil prices, COMAC noted, surged from about $64 per barrel to nearly $70 per barrel within two days during the review period.
The chamber further indicated that the cedi depreciated marginally against major trading currencies at the start of the year. For the February 1 pricing window, the currency weakened from GH¢10.90 to GH¢10.98, representing a 0.77 per cent depreciation.
Despite these pressures, COMAC said it had received assurances from the Bank of Ghana that the central bank remains focused on maintaining price stability while supporting overall economic growth.
By Times Reporter
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