OMCs begin fuel price hikes as GOIL sells petrol at GH¢10.24, diesel at GH¢12.83
Some Oil Marketing Companies (OMCs) have begun increasing fuel prices at the pumps from the morning of February 16, 2026, in line with earlier industry projections that petroleum product prices would rise by between 1% and over 3% per litre.
Checks conducted on Monday, February 16, show that Ghana Oil Company (GOIL) has adjusted its pump prices upward. A litre of petrol is now selling at GH¢10.24, up from GH¢9.99, while diesel has increased significantly from GH¢11.90 to GH¢12.83 per litre.
GOIL has indicated that the GH¢10.24 petrol price reflects discounted rates available at about 200 selected service stations nationwide, suggesting that prices at other GOIL outlets could be higher.
The adjustments show that GOIL has complied with the price floor set by the National Petroleum Authority (NPA) for petrol. However, the diesel price at some outlets is above the approved floor.
Star Oil implements nationwide increase
Market leader Star Oil has also announced revised fuel prices across its nationwide network of stations, effective 8:00 a.m. on February 16.
Petrol has increased from GH¢9.99 to GH¢10.24 per litre. Diesel prices have also been adjusted upward, with checks indicating that Star Oil’s diesel price is slightly above the NPA’s approved price floor.
A closer examination of the pricing structure indicates that while Star Oil adhered strictly to the petrol price floor, it marginally exceeded the diesel benchmark.
More price adjustments expected
Other major OMCs have told JOYBUSINESS they will review and adjust their prices over the course of the day.
With strict compliance expected regarding the NPA’s price floor policy, operators are not permitted to sell 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 hikes are primarily driven by the depreciation of the Ghanaian cedi against the US dollar in January and February 2026, coupled with rising international crude oil and finished petroleum product prices.
The cedi has faced sustained pressure since January 1, 2026, largely due to increased foreign exchange demand from businesses restocking for the new year and multinational firms undertaking foreign transfers, including dividend payments.
Data from the Bank of Ghana shows the cedi depreciated by approximately 4% against the US dollar in January. However, figures from some commercial banks put the depreciation slightly higher at 4.16%.
On the international market, crude oil prices have surged by more than 5% and are currently trading close to $70 per barrel. Prices of finished petroleum products have also recorded notable increases, with petrol rising by 4.17%, gas oil by 5.57%, and LPG by 6.18%.
COMAC further indicated that it has received assurances from the Bank of Ghana that the central bank remains committed to maintaining price stability while supporting overall economic growth.
The latest adjustments are expected to have ripple effects on transport fares and general consumer prices if the upward trend persists in the coming pricing windows.
