Some Oil Marketing Companies (OMCs) have started adjusting fuel prices at the pumps today March 1, 2026.
This follows industry projections that petroleum product prices would rise by between 1% to about 3% per litre.
Checks by Joy Business on March 2, 2026, showed that GOIL has adjusted petrol prices, selling a litre at GH¢10.46, up from the previous price of GH¢10.24
The price of diesel has been kept unchanged at GH¢ 12.53
GOIL says these figures reflect discounted prices offered at 200 service stations nationwide. This suggests prices at other GOIL stations could be higher.
The development also shows that GOIL has adhered to the price floor announced by the National Petroleum Authority (NPA) for petrol, but has priced diesel above the floor of GHC 11.42.
Market leader Star Oil has also announced an increase in petroleum product prices at its service stations nationwide, effective 8:00am on March 1 2025 .
Petrol has gone up from GH¢10.24 per litre to GH¢10.46. Diesel has also been adjusted to GH¢11.97, from its old price of GH¢11.42 .
Joy Business checks indicate Star Oil’s diesel price is above the approved price floor
A careful look at the numbers shows that while Star Oil also adhered to the petrol price floor, however it moved way above the diesel floor
Other major OMCs have told Joy Business that they will adjust prices possibly today or in the coming days.
Some have also indicated that they will monitor competition before reacting.
With strict compliance expected around the NPA price floor, indications are that no operator can price petrol below GH¢10.42 and diesel below GH¢11.42
Reasons for Increase
The increase has been driven by rising prices of crude oil and finished petroleum products on the international market over the past two weeks.
The increase could have been higher than what being witnessed if it had not been the cedi’s marginal appreciation over the past weeks.
Data from the Chamber of Oil Marketing Companies (COMAC) indicate that petrol prices could rise by 2.89%, reaching around GH¢12.04 per litre, while diesel may increase by 0.86%, selling at approximately GH¢13.22 per litre.
LPG is expected to decline slightly to GH¢13.87 per kilogramme, marking its first reduction this year
Brent Crude reached US$78 a barrel today March 2, 2026, due to current tensions in the Middle East
Some analysts suggest prices could reach US$100 per barrel if the current instability continues.
