Ghana: Fuel Prices To Increase Marginally From February 16

Fuel prices are set for a marginal increase in the second pricing window of February, which begins on February 16, according to projections by the Chamber of Oil Marketing Companies (COMAC).

The ex-pump price of petrol (PMS) is projected to rise by 1.97%, while diesel and LPG are expected to go up by 2.73% and 3.26% respectively.

The projected increases are largely driven by the depreciation of the local currency, the Cedi, and rising international petroleum product prices. However, COMAC noted that the oversupply of refined petroleum products on the local market is likely to moderate the expected hike in fuel prices.

Although Ghana relies heavily on imports, the restart of the Tema Oil Refinery (TOR) and Sentuo Oil Refinery has helped stabilise fuel prices on the domestic market.

Currently, the average ex-pump price of petrol is GH¢10.87 per litre, while diesel and Liquefied Petroleum Gas (LPG) are selling at GH¢12.35 per litre and GH¢12.94 per kilogram respectively.

International oil prices surged significantly in mid-February, rising from US$67.40 per barrel to US$70.90 per barrel, as heightened tensions in the Middle East outweighed concerns about a growing supply glut. In line with the rise in crude oil prices, international petroleum product prices also increased—petrol by 4.17%, diesel by 5.57%, and LPG by 6.81%.

On the domestic front, the Cedi depreciated marginally against major trading currencies.

For the February 1, 2026 pricing window, the currency fell from GH¢10.90 to GH¢10.98 per US dollar, representing a 0.77% drop. Despite short-term fluctuations, the Bank of Ghana says it remains committed to maintaining price stability while supporting economic growth.

As of close of business on Thursday, the average interbank exchange rate for the US dollar stood at GH¢11.00.