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LATEST ARTICLES
Nigeria: Power Generation Companies Blast NLC President For Calling GenCos An Extortionist Group
Power generation companies and the Nigerian Labour Congress (NLC) have begun a battle that is likely to linger for some time.
It all started when the President of the Nigerian Labour Congress, Joe Ajaero, accused power generation companies of engaging in what he described as “institutionalised extortion.”
This statement drew a response from the Association of Power Generation Companies (APGC), which described the claims as misleading and damaging to efforts aimed at stabilising the country’s fragile power sector.
The Chief Executive Officer of APGC, Dr. Joy Ogaji, faulted the recent remarks by the NLC President, Joe Ajaero, saying they did not reflect the realities of the Nigerian Electricity Supply Industry.
Ogaji stated, “While we acknowledge the frustrations of Nigerians regarding unstable electricity supply, we must firmly reject the characterisation of the sector’s challenges as robbery and a grand deception. Such allegations are a misrepresentation of the facts and a disservice to ongoing efforts to stabilise the power sector.”
According to the association, power generation companies remain the most financially exposed segment of the electricity value chain because they generate electricity that is not fully paid for due to revenue shortfalls across the market.
She added, “GenCos face the greatest risk in the electricity value chain, with outstanding unpaid invoices now exceeding N6tn. Rather than castigate operators, attention should be focused on addressing the liquidity crisis that threatens the sustainability of electricity supply.”
The association also rejected claims that proposed government financial support for the sector amounted to a political arrangement, insisting that intervention funds were necessary to prevent further deterioration.
“We strongly refute the insinuation that proposed government support for the sector is a clandestine plan to ‘settle the boys.’ Such claims are baseless and undermine the critical liquidity interventions required to keep the lights on,” the statement added.
The GenCos said they were open to scrutiny and willing to subject their financial records to an independent forensic examination if required.
“If the NLC or any other institution considers it necessary, our books are available for any form of investigation. What is important is to identify the real causes of the sector’s challenges and work collaboratively toward sustainable solutions,” Ogaji said.
The development follows recent comments by the NLC accusing electricity firms of exploiting Nigerians through tariff adjustments and alleged hidden subsidies.
The power generators urged organised labour to engage constructively with stakeholders, warning that inflammatory rhetoric could discourage investment and worsen electricity shortages.
Zambia: Gov’t Approves Major Energy Pipeline Projects To Strengthen Fuel Security
Zambia has approved the construction of the Tanzania–Zambia Multi-Products Pipeline and the Namibia–Zambia Refined Petroleum and Natural Gas Pipeline under a Public-Private Partnership arrangement, Hon. Cornelius Mweetwa, Minister for Information and Media, revealed in a statement following a Cabinet meeting held at State House on Wednesday.
The move is aimed at transforming Zambia’s petroleum infrastructure.
According to Mr. Mweetwa, the projects will provide alternative sources of petroleum products and strengthen the country’s supply chain.
He explained that with national fuel consumption projected to reach approximately 3.7 million tonnes annually by 2030, the new pipelines are designed to meet rising demand, reduce costs, and stabilize petroleum prices.
Mr. Mweetwa added that the development will enhance supply security and position Zambia as an emerging regional energy hub while supporting long-term economic growth.
Ghana: Parliament Approves 2040 Extension For WCTP And DWT Oil Blocks Amid Minority Pushback
Ghana’s Parliament on Thursday ratified a Memorandum of Understanding covering the West Cape Three Points (WCTP) and Deepwater Tano (DWT) blocks, extending the agreements to December 31, 2040, despite objections raised by the Minority.
The WCTP and DWT blocks, operated by Tullow Ghana Limited, have key partners including Kosmos Energy, PetroSA, and the Ghana National Petroleum Corporation (GNPC).
Originally set to expire in 2034 (WCTP) and 2036 (DWT), the agreements have now been extended following a US$2 billion investment commitment to drill at least 10 and up to 20 new wells. The investment will also fund critical subsea infrastructure to sustain production from the Jubilee and Tweneboa–Enyenra–Ntomme (TEN) fields.
Government officials defended the extension as necessary to ensure continuity in upstream petroleum operations and maintain production in mature fields. They argued that retaining the current operators and contractual framework would help avoid disruptions from premature licence termination or changes in operatorship, while preserving institutional memory and minimizing transition risks.
During the parliamentary debate on Thursday, February 19, 2026, Minority Members of Parliament expressed concerns about approving the extension years ahead of the original expiry dates.
They warned that such early approvals could set a precedent encouraging other contractors to seek similar long-term security.
The Minority further argued that enough time remains to renegotiate terms closer to the existing expiration periods.
Parliament also approved the extension of a Master Gas Agreement involving the state, GNPC, and contractor parties.
The revised framework is expected to, among other things, reduce gas prices by 18%, increase gas supply from 100 mmscf/d to 130 mmscf/d, with potential for an additional 50 mmscf/d, and boost GNPC’s interest in each petroleum agreement by 10%.
US Threatens To Withdraw From IEA Over Net Zero Agenda
U.S. Energy Secretary Chris Wright has issued a one-year deadline for the International Energy Agency (IEA) to abandon its net-zero emissions agenda or risk the United States withdrawing from the organization.
Speaking at an IEA ministerial meeting in Paris, Wright criticized IEA’s goal for the world to achieve net zero by 2050 as a “destructive illusion” with a “zero percent chance” of being realized.
According to Wright, the global energy agency would be better served by refocusing on its founding mandate of energy security, energy access, and “energy honesty,” rather than acting as a “climate advocacy organisation”.
Wright has pressured the IEA to stop forecasting net-zero scenarios, claiming they distort global energy data and drive “deindustrialization”.
He, however, conceded that withdrawal by the United States could allow China to gain more influence over the agency, stating that “our goal is not to withdraw” but to use “all the pressure we have” to reform it from within.
The IEA’s “Net Zero by 2050” plan sets out how the global energy sector could reach net zero carbon dioxide emissions by 2050.
The goal is to keep global warming to no more than 1.5°C above pre-industrial levels, in line with the 2015 Paris Agreement.
“Net zero” means that any greenhouse gases still released are balanced by removing the same amount from the atmosphere. That can happen naturally, such as through forests and other carbon sinks, or through technology like carbon capture and storage.
The Trump administration is supporting carbon capture where it helps oil production, while cutting broader climate spending. The One Big Beautiful Bill Act, signed in July 2025, keeps and expands the 45Q tax credit.
It raises the credit for carbon dioxide used in enhanced oil recovery to $85 per metric ton, the same level as the credit for permanent underground storage. That change makes it more attractive for oil companies to inject CO into older fields to increase output.
At the same time, the Department of Energy has canceled billions of dollars in clean energy and carbon capture funding.
That includes $3.7 billion in grants meant to help heavy industries lower emissions. In short, the administration is keeping support for carbon capture tied to oil production, while cutting funding for other decarbonization programs.
Ghana: CBOD And COMAC Condemn Illegal Diversion Of LPG Funds To GCMCL; Demand Immediate Cessation
The Chamber of Oil Marketing Companies (COMAC) and the Chamber of Bulk Oil Distributors (CBOD) have raised serious concerns over what they describe as the unlawful diversion of funds from the LPG Fund to the Ghana Cylinder Manufacturing Company (GCMC), a state-owned entity.
According to the two industry bodies, the action constitutes a “flagrant breach of statutory mandate, a dangerous sabotage of national energy policy, and an unacceptable betrayal of public trust.”
The LPG Fund was established under Legislative Instruments LI 2262 (as amended) and LI 2481, and was implemented by the National Petroleum Authority (NPA) on April 1, 2024.
The Fund has three explicit and legally binding objectives, including the imposition of a USD 44 per metric tonne (MT) Bottling Plant Margin and a USD 36 per MT Cylinder Investment Margin.
These levies are intended to finance the construction and operation of LPG bottling plants nationwide and to fund the rollout of the Cylinder Recirculation Model (CRM) to ensure safe and efficient LPG distribution.
However, the portal understands that more than US$7 million has already been diverted from the Fund.
In a joint statement, CBOD and COMAC stressed that the LPG Fund was never intended to serve as discretionary capital for ad hoc allocations.
They argued that redirecting the funds to GCMC does not represent administrative flexibility but rather a statutory violation that undermines Ghana’s LPG safety and infrastructure framework.
The groups warned that the alleged misappropriation could lead to the destruction of private investment, job losses, consumer exploitation, and investor flight.
“Every diverted cedi erodes competitiveness, freezes critical investment, and transfers wealth from productive enterprise to governmental discretion,” the statement said. “Ghanaians’ confidence in state institutions—earned over decades—is being weaponized to justify institutional pilferage.”
The associations have demanded the immediate cessation of all disbursements from the LPG Fund to GCMC. They are also calling for the reversal of any allocations already made and the restoration of the funds to their lawful purpose.
Furthermore, the groups have served notice of their intention to pursue all legitimate avenues—policy, legal, and public—to defend the rightful utilization of the LPG Fund.
“We will not permit this fund to become a discretionary slush account. We will not remain passive while statutory protections are shredded. We will not accept anything less than full accountability, decisive leadership, and restoration of fund integrity,” the statement concluded.
The National Petroleum Authority, the regulator of Ghana’s downstream petroleum sector, has yet to respond to the allegations.
France: Nuclear Operator EDF Faces Higher Maintenance Costs Amid Solar Oversupply On The Grid
French nuclear power operator EDF is facing increased annual maintenance costs estimated between €1.5 million and €3.75 million as a result of reduced output from its nuclear reactors, Reuters has reported.
The cost increase is linked to a growing oversupply of solar power onto the French electricity grid.
According to Reuters, nearly 70% of France’s electricity comes from nuclear energy, which represents roughly half of the revenue of state-owned EDF. However, a recent surge in solar power generation has changed the way EDF operates its nuclear fleet.
“The increase in renewable energy has led to a fundamental change in how EDF modulates production, causing it to reduce output during the middle of the day when there is a lot of sunlight—compared to previously when it would do this during periods of low demand in the evening or at the weekend,” EDF said, as cited by Reuters.
Modulation—rapidly reducing reactor output to balance high renewable inflows—doubled in 2024 compared to 2019, driven by the expansion of renewable capacity and sluggish electricity demand.
“The main impact is that increased flexibility will lead to increased maintenance needs and therefore increased costs, simply because some equipment will be used more frequently,” said Jean-Marie Boursier, Deputy Director of EDF’s Nuclear Production Division said.
EDF stressed that modulation is a purely economic measure and does not affect the safety of the nuclear fleet. The company added that increasing electricity consumption would help absorb current production levels and reduce operational strain.
France last week introduced its new multi-annual energy planning law, which calls for expanded renewable energy production and deploying public funds to stimulate domestic electricity demand, which has remained weak.
Nigeria: Dangote Signs $400 Million Equipment Deal With Chinese Firm To Fast-Track Refinery Expansion
Nigeria-based Dangote Group, Africa’s largest petroleum refinery operator, has signed a $400 million construction equipment deal with XCMG Construction Machinery, one of China’s leading machinery manufacturers.
The agreement is expected to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from its current capacity of 650,000 barrels per day to 1.4 million barrels per day.
The company announced the development in a statement issued on Monday.
According to the Group, the agreement will facilitate the acquisition of a wider range of advanced construction equipment to support ongoing and upcoming projects across refining, petrochemicals, agriculture, and large-scale infrastructure development.
The new equipment will complement existing assets being deployed for the refinery expansion, which is projected to be completed within three years.
Beyond refining, the expansion programme will boost polypropylene production from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.
Urea production capacity in Nigeria will also triple—from 3 million to 9 million metric tonnes per annum—in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s standing as the world’s largest urea producer.
Production capacity for Linear Alkyl Benzene (LAB) will increase to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and enhancing supply to the detergent and cleaning products industry. Additional base oil production capacity also forms part of the wider expansion plan.
Describing the agreement as a strategic investment, the Group said it aligns with its ambition to build a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” the statement noted.
Dangote Group is currently accelerating its expansion and regional market development as it advances toward its long-term 2030 vision.
Kenya: EPRA Announces Fuel Price Reduction
Motorists in Kenya have heaved a sigh of relief after the Energy and Petroleum Regulatory Authority (EPRA) announced a reduction in fuel prices on Sunday, February 15.
According to a release by the regulator, the price of PMS (petrol) has been reduced by Sh4.24 per litre, diesel by Sh3.93, and kerosene by Sh1.00 per litre.
Super Petrol will now retail at a maximum of Sh178.25 per litre, Diesel at Sh166.54, and Kerosene at Sh152.80.
The new prices, which remain in effect until March 14, follow a drop in the cost of imported petroleum products between December 2025 and January 2026, EPRA noted.
“The average landed cost of imported Super Petrol decreased by 2.69% from $592.24 (Sh76,400) per cubic metre in December 2025 to $576.34 (Sh74,300) per cubic metre in January 2026. Diesel decreased by 6.37% from $626.75 (Sh80,900) per cubic metre to $586.80 (Sh75,700), while Kerosene decreased by 1.44% from $607.55 (Sh78,400) per cubic metre to $598.82 (Sh77,200) over the same period,” EPRA Director-General Daniel Kiptoo explained .
Across major towns, pump prices will also vary.
In Nairobi, Super Petrol now retail at Sh178.28 per litre, Diesel at Sh166.54 and Kerosene at Sh152.78, EPRA indicated.
In Kisumu, Super Petrol now retail at Sh178.16 per litre, Diesel at Sh166.76 and Kerosene at Sh153.03, while in Nakuru, Super Petrol will retail at Sh177.34 per litre, Diesel at Sh165.95 and Kerosene at Sh152.21.
Mombasa will enjoy the lowest prices in the country with Super Petrol retailing at Sh175.00 per litre, Diesel at Sh163.26 and Kerosene at Sh149.49.
This marks the second consecutive fuel price reduction since the beginning of the year, following a previous Sh2.00 cut announced by EPRA.
Ghana: BOST Energies Sends Off Deputy Managing Director, Ushers In Nat Salifu Acheampong
BOST Energies (BOSTenergies), Ghana’s strategic petroleum stock-keeping company, has held a send-off ceremony for its outgoing Deputy Managing Director (DMD), Ms. Adwoa Serwaa Bondzie, while officially welcoming Mr. Nat Salifu Acheampong as the incoming Deputy Managing Director.
The ceremony, held on Monday at the company’s head office in Accra, followed the appointment of Ms. Bondzie by President John Dramani Mahama as the new Acting Executive Secretary of the Energy Commission of Ghana.
Her elevation paved the way for the appointment of Mr. Acheampong, a long-serving staff member of BOSTenergies, as her successor.
The event brought together the company’s management team and staff to bid farewell to Ms. Bondzie and wish her well in her new role at the Energy Commission.
She has been an integral part of BOSTenergies, contributing significantly to its growth and institutional strengthening.
The Managing Director of BOSTenergies, Mr. Afetsi Awoonor, commended Ms. Bondzie for her steadfast role in championing an organisational culture rooted in discipline, excellence, welfare, and teamwork during her tenure as DMD.
He described her exit as a bittersweet moment—“a great loss to BOSTenergies but a big gain for the power sector she is set to lead.”
In her farewell remarks, Ms. Bondzie expressed profound gratitude to the management and staff of BOSTenergies for their unwavering support. She reiterated her commitment to seeing the company flourish, describing BOSTenergies as “home.”
The new DMD, Mr. Nat Salifu Acheampong, expressed appreciation to President Mahama for the confidence reposed in him.
He pledged his full commitment to supporting the Managing Director and working collaboratively with the team to advance the company’s strategic vision.
Mr. Acheampong is widely regarded as a resourceful professional, problem-solver, and creative leader.
His career at BOSTenergies includes serving as Manager for Corporate Communications & External Affairs since February 2013, where he led strategic communications initiatives, stakeholder engagement, brand management, and media relations.
Before his new appointment, he served as the Executive Technical Liaison of the company, advising the Managing Director.
He holds a Master of Arts in Mass Communications from the University of Leicester, a Postgraduate Diploma in Diplomacy from the University of Nottingham, and a Postgraduate Certificate in Education (PGCE) from the Nottingham Trent University.
He also possesses an Executive Graduate Certificate in Managing Energy Transition from the University of Texas, demonstrating his commitment to continuous professional development.
He holds a Master of Arts in Mass Communications from the University of Leicester, a Postgraduate Diploma in Diplomacy from the University of Nottingham, and a Postgraduate Certificate in Education (PGCE) from the Nottingham Trent University.
He also possesses an Executive Graduate Certificate in Managing Energy Transition from the University of Texas, demonstrating his commitment to continuous professional development.
Tanzania: Prime Minister, Dr. Mwigulu Nchemba, Lays Foundation Stone For TSh 49.9 Billion Mkata Electricity Substation Project In Tanga Region.
Tanzanian Prime Minister Dr. Mwigulu Nchemba on Friday laid the foundation stone for construction of a power substation and transmission lines project in Mkata in the Tanga Region.
The project is being funded by the Government of the United Republic of Tanzania, with the substation costing TSh 44.14 billion, while the transmission line component will cost TSh 5.75 billion.
It forms part of the National Grid Strengthening Programme aimed at enhancing electricity availability in the Handeni and Kilindi Districts, as well as improving power supply reliability for graphite mining operations in Kwamsisi village.
The project is expected to boost access to reliable electricity and stimulate economic growth in the Handeni District.
Speaking on February 13, 2026, during the foundation stone–laying ceremony, the Minister for Energy, Hon. Deogratius Ndejembi, said the funds will also be used to construct a 45-kilometre, 33-kilovolt power distribution line from the Mkata substation to Kwamsisi village.
He explained that for many years, residents of Handeni depended on electricity supplied from Tanga, which resulted in significant transmission losses due to the long distance, as well as frequent voltage drops.
With this project, electricity will now be sourced from Chalinze, which is closer to Handeni, thereby improving service stability and reducing frequent outages.
According to Minister Ndejembi, completion of the substation will strengthen reliable electricity access in the Handeni and Kilindi Districts, boost graphite mining activities, attract new investors, and increase revenue for the national power utility through the addition of large customers once the project is completed.
Additionally, about 120 jobs are expected to be created for local residents.
The project is being implemented by TBEA, a Chinese company.
Construction began on August 17, 2023, and is scheduled for completion on November 16, 2026.
A Kwamsisi resident, Rashid Hamza, said it had previously been difficult to carry out economic activities that depend on electricity due to frequent outages.
He expressed hope that the project will be completed on time to enable residents to increase production and income through reliable energy access.
Nigeria: Nigerian National Petroleum Company Limited Posts N5.7 Trillion Profit For 2025
The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a N5.76 trillion profit after tax (PAT) after recording N60.5 trillion in revenue for the 2025 financial year.
In its Deember 2025 Monthly Report Summary, NNPC Ltd. highlighted key performance indicators, including crude oil and condensate production, natural gas output, revenue, PAT, and strategic initiatives during the period under review.
The report noted that crude oil production remained relatively moderate, with pipeline maintenance activities disrupting some operations during the year.
Average crude oil and condensate production stood at 1.54 million barrels per day (mbpd), reflecting steady output amid ongoing infrastructure upgrades and security challenges across producing regions.
Gas production reached 6,914 million standard cubic feet per day (mmscfd) in December. Monthly figures showed output peaking above 7,500 mmscfd mid-year before tapering slightly toward year-end. Gas sales also remained steady, averaging more than 4,700 mmscfd, underscoring NNPC’s focus on gas as Nigeria’s transition fuel and a key revenue stabiliser.
The report indicated that profitability dipped in some months, with marginal losses recorded early in the year before rebounding strongly between March and June, while operational reliability improved considerably.
In terms of upstream pipeline availability, the Obiafu-Obrikom-Oben Gas Pipeline (OB3) recorded 100% availability, the Ajaokuta-Kaduna-Kano Gas Pipeline (AKK) recorded 91%, while NNPC Retail Limited (NRL) station availability stood at 65%.
The data showed significant gains in network stability and product distribution efficiency, particularly in the second half of the year.
Planned maintenance and upgrade works at Stardeep-Agbami and Renaissance–Estuary Area (EA), as well as unplanned production facility outages, affected December production performance.
The company also reported the successful completion of key engineering works, including river crossings and mainline welding operations on the AKK mainline. It added that the OB3 River Niger crossing has been completed, early works finalised, and pilot hole drilling commenced, with the project remaining on schedule.
Côte d’Ivoire: Eni Makes Major Offshore Gas Discovery At Murene South-1X Well
Italian oil and gas major Eni has announced a significant natural gas and condensate discovery offshore Côte d’Ivoire, following the successful drilling of the Murene South-1X well, the first exploration well in Block CI-501.
The company confirmed the discovery in a statement on Monday, describing it as the country’s second-largest find after Baleine Field.
Eni has increasingly focused its exploration activities offshore Africa in recent years as it seeks to expand its natural gas portfolio and farm out minority stakes to partners and investors to accelerate development.
Named Calao South, the find confirms the broader potential of the Calao channel complex, which also includes the Calao discovery.
According to Eni, Calao ranks as the second-largest hydrocarbon discovery in the country after Baleine, with estimated resources of up to 5.0 trillion cubic feet (Tcf) of gas and 450 million barrels of condensate — equivalent to about 1.4 billion barrels of oil.
The Murene South-1X exploration well is located just southwest of the Murene-1X discovery well in the adjacent CI-205 block.
Block CI-501 is operated by Eni with a 90% stake, in partnership with Petroci Holding, which holds the remaining 10%.
Currently, the Eni-operated Baleine field produces more than 62,000 barrels of oil and over 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, output is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day, strengthening Baleine’s role in meeting Côte d’Ivoire’s domestic energy needs.
Eni has been active in Côte d’Ivoire since 2015 and holds interests in ten offshore exploration blocks.
In recent months, the company sold a 30% stake in the Baleine project to Vitol, the world’s largest independent oil trader, and a further 10% stake to SOCAR, the State Oil Company of the Republic of Azerbaijan.
Ghana: Don’t Sell Fuel Below Ex-Pump Price Floors – COMAC To Members
The Chamber of Oil Marketing Companies (COMAC), the umbrella body for petroleum product marketers in the Republic of Ghana, has cautioned its members against setting ex-pump fuel prices below the price floors established by the regulator for the second pricing window of February, which begins on Monday, February 16, 2026.
The National Petroleum Authority (NPA) last week announced the price floors for the window, with petrol set at GH¢10.24 per litre, diesel (AGO) at GH¢11.34 per litre, LPG at GH¢9.43 per kilogram, MGO Local at GH¢10.45 per litre, and kerosene at GH¢9.21 per litre.
This means OMCs may set their ex-pump prices at the regulator’s approved floors but are not permitted to go below them.
In a statement issued by Dr. Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies, COMAC appealed to members to strictly comply with the directive, stating that “adherence to these directives is vital to maintaining market stability, protecting consumers, and ensuring fairness across the industry.”
The Chamber urged all members to honour these requirements in good faith, stressing that non-compliance undermines collective progress and may attract sanctions from the NPA.
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.