Some Oil Marketing Companies (OMCs) have started adjusting fuel prices at the pumps, following projections of higher petroleum prices for the new pricing window.

The adjustment comes under the industry’s bi-weekly fuel price review mechanism, which allows OMCs to revise prices based on changes in international market prices and the exchange rate under Ghana’s petroleum price deregulation policy.

Star Oil, one of the major players in the downstream petroleum sector, became the first company to adjust its prices on August 1, according to a report by Joy Business.

The company increased the price of petrol from GH¢14.47 to GH¢14.53 per litre, while diesel prices moved from GH¢17.67 to GH¢18.77 per litre.

The new petrol price by Star Oil was in line with the price floor announced by the National Petroleum Authority (NPA).

Since July 15, 2026, Star Oil has adjusted its pump prices three times.

The Chief Executive Officer of Star Oil, Philip Tieku, explained in a Facebook post on July 24, 2026, that the increase was largely due to rising international petroleum prices and the depreciation of the Ghana cedi against the US dollar.

“World market prices of gasoline have increased by nearly 20%, while diesel prices have risen by approximately 25%,” he stated.

Mr Tieku said most OMCs had begun adjusting their prices before August 1 because many operators purchase petroleum products on a daily cash-and-carry basis.

He explained that under this arrangement, every new purchase of petroleum products is priced according to prevailing international market prices and the current exchange rate.

According to him, the adjustments were necessary to prevent arbitrage opportunities within the market.

More OMCs are expected to adjust their prices at the pumps, with some companies expected to review their rates on August 2, 2026, while others have indicated that their adjustments will take effect on Monday, August 3, 2026.

Some industry players have indicated that they will align with market price projections, which could push petrol prices to at least GH¢15.23 per litre, while diesel prices could rise to GH¢17.45 or exceed GH¢18 per litre.

Some market analysts, however, believe the impact on consumers may not be as severe, given that several OMCs have already raised prices in recent weeks.

The development is also expected to increase pressure on the Transport Minister to respond to calls by the Ghana Private Road Transport Union (GPRTU) for an increase in transport fares.

The Chamber of Oil Marketing Companies (COMAC) attributed the expected price adjustments to increases in global crude oil prices and refined petroleum products.

According to the Chamber, average crude oil prices increased by 23.25% during the review period, while refined petroleum products also recorded significant increases.

Diesel recorded the highest increase at 24.84%, followed by petrol at 12.58% and Liquefied Petroleum Gas (LPG) at 12.24%.

Average crude oil prices rose from US$71.90 to US$88.62 per barrel during the period.

COMAC linked the increase to heightened geopolitical tensions, particularly developments surrounding the US-Iran conflict and uncertainty over activities around the Strait of Hormuz.

The Chamber explained that although early optimism over a possible peace agreement briefly eased global oil prices, renewed tensions, shipping restrictions and other geopolitical risks have kept Brent crude prices close to US$88 per barrel.

Beyond global market pressures, COMAC also identified the depreciation of the Ghana cedi as another factor contributing to the increase in fuel prices.

For the August 1 pricing window, the exchange rate moved from GH¢11.4970 to GH¢11.6593 per US dollar, representing a 1.41% depreciation and increasing the cost of importing petroleum products into the country.