Fuel prices rise as Star Oil lifts petrol to GH¢16.77 per litre

Fuel prices have begun rising across Ghana after Star Oil increased petrol from GH¢15.17 to GH¢16.77 per litre at the start of the second pricing window in September.

The GH¢1.60 increase, effective Wednesday, September 16, represents a rise of about 10.5%, based on the prices supplied. This differs from the “more than 6%” increase stated in the source material.

Diesel at Star Oil has also risen from GH¢16.97 to GH¢17.77 per litre—an increase of GH¢0.80, or approximately 4.7%.

The oil marketing company attributed the changes to higher international petroleum product prices and a slight depreciation of the Ghana cedi.

Other Oil Marketing Companies (OMCs) are expected to review their pump prices during the day, although some are monitoring competitors before deciding whether to make immediate adjustments.

Ghana has more than 200 OMCs, meaning the timing and size of the increases may vary across fuel stations. Some companies could maintain their current prices temporarily, while others are expected to adjust them later in the week.

GOIL holds off on immediate increase

GOIL Group Chief Executive Edward Bawa said the company would assess market conditions before deciding whether to raise its prices.

He told Joy Business that GOIL would consider both the need to recover its costs and the financial effect of higher fuel prices on consumers.

“We need to at least cover our costs [but] we need to ensure that our actions also go to ameliorate … the effects of increases in prices for them,” he said.

Mr Bawa said the company was examining the latest market figures and different pricing scenarios before making its next move.

Cedi and international prices drive increases

The Chamber of Oil Marketing Companies (COMAC) attributed the expected increases to higher crude oil and refined petroleum product prices on the international market, alongside renewed pressure on the cedi.

COMAC said the local currency depreciated by 1.01% to an average of GH¢11.4849 against the US dollar between August 27 and September 11, 2026.

Because petroleum products are imported and priced in dollars, a weaker cedi raises the local cost of bringing fuel into the country.

The chamber said interventions by the Bank of Ghana had helped reduce pressure in the foreign exchange market, limit speculative activity and moderate the cedi’s year-to-date depreciation.

It added that diesel prices could have risen further without the government’s GH¢2 subsidy.

NPA raises minimum prices

The National Petroleum Authority (NPA) has also raised the minimum prices at which OMCs can sell petroleum products during the new window.

The petrol price floor has increased from GH¢14.53 to GH¢16 per litre, while the diesel floor has moved from GH¢15.60 to GH¢16.77 per litre. The minimum price for liquefied petroleum gas has been set at GH¢10.97 per kilogramme.

Under the revised floor, OMCs should not sell petrol below GH¢16 or diesel below GH¢16.77 per litre from September 16.

The NPA said the floors do not include premiums charged by international oil-trading companies or the operating margins of importers, distributors, marketers and fuel dealers. These costs will be determined independently by companies under Ghana’s petroleum-pricing framework.

The pump-price increases could add to the operating costs of commercial transport operators and renew pressure from the Ghana Private Road Transport Union for higher fares.

No decision on a transport-fare increase was contained in the supplied information.