Fuel prices are expected to edge up slightly from February 16, with new projections from the Chamber of Oil Marketing Companies (COMAC) pointing to modest increases across petrol, diesel, and LPG.
COMAC’s latest pricing outlook shows petrol likely rising by up to 1.97%, which could push pump prices to around GHC 11.97 per litre. Diesel is projected to increase by about 2.73% to roughly GHC 13.09 per litre, while LPG may climb 3.26%, bringing prices close to GHC 13.93 per kilogram.
Despite the projected adjustments, the Chamber says an oversupply of refined petroleum products in the local market could soften the impact, meaning motorists may only see marginal increases at the pumps.
According to COMAC, the expected price movements are largely being driven by a weakening cedi and higher global oil prices. During the February 1 pricing window, the cedi depreciated from GHC 10.90 to GHC 10.98 against major currencies, representing a 0.77% drop in value. At the same time, international crude prices rose by more than 5%, hovering near $70 per barrel. Finished petroleum products have also climbed, with petrol up 4.17%, gas oil up 5.57%, and LPG up 6.18%.
The Chamber said it has received assurances from the Bank of Ghana that it remains focused on maintaining price stability while supporting economic growth.
Still, intense competition in the downstream sector could influence how quickly oil marketing companies adjust their pump prices. Industry sources indicate that some firms may delay changes beyond February 16 as they watch how major market players respond.
COMAC also reminded all oil and LPG marketing companies to comply with established price floors under the Petroleum Products Pricing Guidelines issued by the National Petroleum Authority.
The floors are set at GHC 10.24 per litre for petrol, GHC 11.34 for diesel, GHC 9.43 per kilogram for LPG, GHC 10.45 per litre for MGO Local, and GHC 9.21 per litre for kerosene.
The Chamber noted that these price floors exclude international trading premiums, operating margins, and marketers’ and dealers’ margins, which are determined independently by companies.
It urged strict compliance, stressing that adherence is essential to maintaining market stability, protecting consumers, and ensuring fairness across the industry.
