OMCs Increase Fuel Prices: Reasons Star Oil Raised Petrol to GH¢14.53 and Diesel to GH¢18.77

Follow Nukunya

Get the latest breaking news and updates from Nukunya.

OMCs Increase Fuel Prices as Star Oil Raises Petrol to GH¢14.53 and Diesel to GH¢18.77

Some Oil Marketing Companies (OMCs) have started increasing fuel prices at the pumps as Ghana enters a new petroleum pricing window, with Star Oil becoming one of the first major companies to implement higher prices.

The latest adjustments, which took effect on August 1, 2026, follow the industry’s bi-weekly fuel price review mechanism under Ghana’s petroleum price deregulation policy.

Star Oil Announces New Fuel Prices

Star Oil has increased the price of petrol from GH¢14.47 to GH¢14.53 per litre, while diesel has recorded a much steeper jump from GH¢17.67 to GH¢18.77 per litre.

The new petrol price matches the price floor set by the National Petroleum Authority (NPA).

This marks the third fuel price adjustment by Star Oil since July 15, 2026, reflecting mounting pressure from global oil markets and exchange rate movements.

Global Oil Prices Driving Increases

Star Oil Chief Executive Officer Philip Tieku explained that the company was compelled to adjust prices because international petroleum prices have risen sharply during the current pricing window.

According to him, global gasoline prices have climbed by nearly 20 percent, while diesel prices have surged by approximately 25 percent.

He added that many Oil Marketing Companies purchase petroleum products on a cash-and-carry basis, meaning every new shipment is priced using prevailing international fuel prices and the current exchange rate.

Mr. Tieku noted that early price adjustments also help prevent arbitrage opportunities within the market.

More OMCs Expected to Increase Pump Prices

Industry sources indicate that several other Oil Marketing Companies are expected to revise their pump prices from August 2 and August 3, 2026.

Some market players estimate that petrol could sell for at least GH¢15.23 per litre, while diesel may range between GH¢17.45 and over GH¢18.00 per litre, depending on individual pricing strategies.

However, some analysts believe the impact may be less severe for consumers because several OMCs had already implemented gradual increases in recent weeks.

Rising Crude Oil Prices and Weaker Cedi Behind Hike

The Chamber of Oil Marketing Companies (COMAC) attributed the latest price increases to rising global crude oil prices, higher refined petroleum product costs and the depreciation of the Ghana cedi.

According to COMAC:

Average crude oil prices increased by 23.25%
Diesel prices rose by 24.84%
Petrol prices climbed by 12.58%
LPG prices increased by 12.24%

During the review period, average crude oil prices rose from US$71.90 to US$88.62 per barrel.

COMAC said the surge has been driven by heightened geopolitical tensions, particularly developments involving the United States and Iran, uncertainty surrounding the Strait of Hormuz, renewed tanker attacks and continued shipping restrictions.

The Chamber also noted that the Ghana cedi depreciated by 1.41%, with the exchange rate moving from GH¢11.4970 to GH¢11.6593 per US dollar, increasing the cost of importing petroleum products.

Transport Fare Increase Could Follow

The latest fuel price adjustments are expected to intensify pressure on the government as the Ghana Private Road Transport Union (GPRTU) continues to push for higher transport fares.

Transport operators argue that rising fuel prices, coupled with increasing vehicle maintenance costs, have significantly raised their operating expenses.

Any further increases in fuel prices could influence ongoing discussions between transport unions and the Ministry of Transport regarding possible fare adjustments.