Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pumps from the morning of February 16, 2026, following projections that petroleum product prices would increase by between 1% and over 3% per litre.
Checks by JOYBUSINESS on February 16 confirm that GOIL has revised its pump prices. Petrol is now selling at GH¢10.24 per litre, up from GH¢9.99, while diesel has increased from GH¢11.90 to GH¢12.83 per litre.
GOIL indicated that the new figures reflect discounted prices offered at 200 service stations nationwide, suggesting that prices at other locations may be slightly higher.
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The adjustments show that GOIL has adhered to the price floor announced by the National Petroleum Authority (NPA) for petrol but has priced diesel above the approved floor.
Star Oil Adjusts Prices Nationwide
Market leader Star Oil has also implemented price increases at its service stations nationwide, effective 8:00am on February 16.
Petrol prices have risen from GH¢9.99 to GH¢10.24 per litre, while diesel has also been adjusted upward. JOYBUSINESS checks indicate that Star Oil’s diesel price is slightly above the NPA-approved price floor.
An analysis of the pricing suggests that while Star Oil complied with the petrol price floor, it moved marginally above the diesel benchmark.
More Adjustments Expected
Other major OMCs have signalled plans to revise their prices throughout the day.
With strict compliance expected around the NPA price floor, indications suggest that no operator can price petrol below GH¢10.24 per litre and diesel below GH¢11.34 per litre.
Drivers of the Price Increase
According to the Chamber of Oil Marketing Companies (COMAC), the projected increases are largely driven by the depreciation of the Ghanaian cedi against the US dollar in January and February 2026, as well as rising international crude oil and refined petroleum product prices.
Data from the Bank of Ghana show that the cedi depreciated by about 4% against the US dollar in January 2026. However, figures from some commercial banks indicate a slightly higher depreciation rate of 4.16%.
The local currency has faced pressure since the beginning of the year, largely due to increased dollar demand from businesses restocking inventories and multinational firms undertaking foreign transfers, including dividend payments.
On the international market, crude oil prices have surged by more than 5%, trading near $70 per barrel. Finished petroleum products have also recorded increases, with petrol up 4.17%, gas oil up 5.57%, and LPG rising 6.18%.
COMAC indicated it has received assurances from the Bank of Ghana that the central bank remains focused on maintaining price stability while supporting economic growth.
The latest adjustments highlight the sensitivity of Ghana’s fuel pricing regime to exchange rate volatility and global commodity price movements.
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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.
