Some Oil Marketing Companies (OMCs) began implementing upward adjustments to fuel prices at the pumps from the morning of February 16, 2026, in line with earlier industry forecasts indicating expected increases of between 1 per cent and more than 3 per cent per litre for petroleum products.
On-the-ground checks conducted by ASSAFUAH FM on February 16, 2026, confirmed that GOIL has revised its pump prices. Petrol is now retailing at GH¢10.24 per litre, up from the previous GH¢9.99. Diesel has seen a sharper rise, moving from GH¢11.90 to GH¢12.83 per litre.
GOIL explained that the announced figures represent discounted pricing applied at 200 of its service stations across the country, implying that charges at other GOIL outlets may be higher than these levels.
The adjustments show that GOIL has fully complied with the National Petroleum Authority’s (NPA) prescribed price floor for petrol, while setting diesel prices above the established floor.
Star Oil implements nationwide increase
Market-leading Star Oil has similarly announced an across-the-board increase in petroleum product prices at all its service stations, with the new rates taking effect from 8:00 a.m. on February 16, 2026.
Petrol prices at Star Oil stations have risen from GH¢9.99 to GH¢10.24 per litre. Diesel has also been adjusted upward, with JOYBUSINESS observations indicating that Star Oil’s diesel price slightly exceeds the NPA-approved floor.
A closer examination of the figures reveals that Star Oil has adhered strictly to the petrol price floor but has priced diesel marginally above the minimum threshold.
Further adjustments anticipated
Several other major OMCs have informed JOYBUSINESS that they will roll out price changes progressively throughout the day.
Given the expectation of strict adherence to the NPA’s price floors, no operator is permitted to sell petrol below GH¢10.24 per litre or diesel below GH¢11.34 per litre.
Factors driving the price surge
The Chamber of Oil Marketing Companies (COMAC) attributes the anticipated and now materialising increases primarily to two key pressures: the depreciation of the Ghanaian cedi against the US dollar during January and February 2026, combined with upward movements in international crude oil and refined petroleum product prices.
Since January 1, 2026, the cedi has faced sustained pressure, fuelled by heightened demand from businesses replenishing stocks at the start of the year and multinational corporations executing foreign currency transfers, including dividend repatriations.
According to the Bank of Ghana’s January 2026 economic and financial update, the cedi depreciated by approximately 4 per cent against the US dollar over the period. However, figures from certain commercial banks point to a slightly higher depreciation of 4.16 per cent.
On the global front, international crude oil prices have climbed more than 5 per cent and are currently trading close to $70 per barrel.
Prices of finished petroleum products have followed suit, with petrol recording a 4.17 per cent increase, gas oil (diesel) rising by 5.57 per cent, and LPG climbing 6.18 per cent.
COMAC noted that it has received reassurances from the Bank of Ghana affirming the central bank’s commitment to preserving price stability in the economy while continuing to support broader growth objectives.
Editor:
Obiri-Yeboah
