Some Oil Marketing Companies (OMCs) have begun adjusting pump prices from March 1, 2026, following industry projections that petroleum products would rise between 1% and 3% per litre.
Checks by Joy Business on March 2, 2026, show that GOIL has increased petrol prices to GH¢10.46 per litre, up from GH¢10.24. Diesel, however, remains unchanged at GH¢12.53 per litre.
GOIL indicated that the quoted figures reflect discounted prices at about 200 service stations nationwide, suggesting prices at other outlets may be slightly higher.
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Compliance with NPA Price Floor
The adjustments show that GOIL has adhered to the petrol price floor announced by the National Petroleum Authority (NPA), while pricing diesel above the approved floor of GH¢11.42 per litre.
Market leader Star Oil also implemented new prices effective 8:00am on March 1.
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Petrol increased from GH¢10.24 to GH¢10.46 per litre
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Diesel rose from GH¢11.42 to GH¢11.97 per litre
Joy Business checks indicate that while Star Oil complied with the petrol price floor, its diesel price moved above the minimum benchmark.
Other major OMCs have signalled possible adjustments in the coming days, with some indicating they are monitoring competitive pricing before making changes.
Under current enforcement expectations, no operator is permitted to price:
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Petrol below GH¢10.42
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Diesel below GH¢11.42
What Is Driving the Increase?
The latest upward adjustment is primarily linked to rising crude oil and finished petroleum product prices on the international market over the past two weeks.
Global oil markets have been reacting to heightened geopolitical tensions in the Middle East. On March 2, 2026, Brent Crude traded at US$78 per barrel, with some analysts projecting prices could surge toward US$100 per barrel if instability persists.
Industry analysts suggest the increases could have been more severe but for the marginal appreciation of the cedi in recent weeks, which helped cushion imported fuel costs.
COMAC Projections
Data from the Chamber of Oil Marketing Companies (COMAC) indicate that:
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Petrol could rise by 2.89%, reaching approximately GH¢12.04 per litre
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Diesel may increase by 0.86%, selling around GH¢13.22 per litre
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LPG is expected to decline slightly to GH¢13.87 per kilogramme — its first reduction this year
These projections reflect pricing pressures across the petroleum value chain, from crude benchmarks to refined product costs.
Market Outlook
With strict compliance required around the NPA price floor, the pricing environment suggests limited room for aggressive undercutting among operators.
However, much will depend on:
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Movements in global crude oil prices
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The trajectory of the Ghana cedi
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Regional geopolitical developments
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International supply chain stability
If Brent crude sustains upward momentum or escalates toward the US$100 mark, local pump prices may face renewed upward pressure in subsequent pricing windows.
For now, motorists should expect marginal but noticeable increases at the pumps, with further adjustments likely as OMCs respond to both regulatory floors and global market dynamics.
Source: Accra Business News
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Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.
