Prices of petroleum products are set to increase by a significant margin from March 16, 2026.
That’s according to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketing companies and was seen by Joy Business.
Based on the report, a litre of petrol is expected to increase by 16.93%, while diesel will go up by 17.21%.
LPG, on the other hand, will be increased by 11.26%.
This is about the fourth time since January this year that fuel prices have been projected to rise. However, this is the first time this year that we are witnessing such a significant margin of increase per litre for each petroleum product.
Breakdown of Expected Increases
COMAC’s data shows that the price of petrol is expected to increase by 16.93% and could result in a litre going for GHC 14.32. The price of diesel is projected to rise by 17.21%, and this should result in a litre being sold at GHC 16.10. Liquefied Petroleum Gas (LPG) will go up by 11.26%, and this will end up with a kilogram selling at GHC [Price missing in original text].
Reasons
The report by the Chamber of Oil Marketing Companies revealed that the increase was influenced by the recent surge in global crude prices.
This was a result of escalating geopolitical tensions in the Middle East and disruptions to a key maritime oil transit route, the Strait of Hormuz, which has affected global supply and increased international petroleum prices.
International petroleum product prices also rose significantly. Diesel increased by up to 43%, followed by LPG at 23.96% and petrol at 19.41%. Oil prices, on the other hand, increased exponentially in mid-March 2026, from $71.41 to $86.55 per barrel.
Petrol, diesel, and LPG ex-pump prices are projected to rise by 16.93%, 17.21%, and 11.26%, respectively. These increases are largely driven by the recent surge in global crude oil prices, following escalating geopolitical tensions in the Middle East and disruptions to a key maritime oil transit route, the Strait of Hormuz, which have tightened global supply and increased international petroleum prices.
OMCs on Price Increase
Some of the Oil Marketing Companies have told JoyBusiness they are likely to go by this margin of increase when it comes to prices of petroleum products being reviewed from March 16, 2026.
However, many market watchers will be looking forward to the price quotes of the top two oil marketing companies, that is, Star Oil and GOIL, the two dominant players, and how they will price each petroleum product, given the fact that no oil marketing company is supposed to offer selective discounts at their service stations from March 16, 2026. There are currently more than 200 Oil Marketing Companies in Ghana.
Price Floor Review
The National Petroleum Authority (NPA) has set new minimum price floors for petroleum products for the second pricing window of March, effective March 16 to March 31.
Under the revised price floor, petrol has increased from GH¢10.46 to GH¢11.57 per litre. Diesel has also seen a significant adjustment, rising from GH¢11.42 to GH¢14.35 per litre. Industry observers say this could be one of the sharpest movements in the price floor for a single product in recent times. Liquefied Petroleum Gas (LPG) has also been adjusted upward to GH¢10.67 per kilogram, from GH¢9.38 previously.
In a notice to Oil Marketing Companies (OMCs) sighted by JoyBusiness, the NPA stated: “As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are entreated to comply with the above price floors for the window under consideration.”
The Authority also clarified that the quoted prices exclude premiums charged by International Oil Trading Companies (IOTCs), as well as the operating margins of Bulk Import, Distribution and Export Companies (BIDECs) and the marketers’ and dealers’ margins of OMCs and LPGMCs. It added that “these will be independently determined by the companies as pertains under the PPPG.”
The new thresholds mean that no Oil Marketing Company or LPG Marketing Company will be permitted to sell below the approved price floors during this period. Companies currently selling below these levels will have to adjust their pump prices upward to comply with the directive.
The new benchmark also offers an indication of expected pump prices from March 16. This means petrol cannot be sold below GH¢11.57 per litre, while diesel cannot be sold below GH¢14.35 per litre.
Myjoyonline
