Fuel Prices in Ghana Set to Rise Amid Cedi Depreciation and Global Oil Surge

Ghanaians should brace for an increase in fuel prices starting February 1, 2026, as the Ghanaian cedi continues to weaken against the US dollar and international crude oil prices climb.

According to the Chamber of Oil Marketing Companies (COMAC), petrol prices are projected to rise by approximately 2.10%, with diesel expected to see a more significant increase of 4.00–5.10%. Liquefied Petroleum Gas (LPG) is also anticipated to increase by 0.61%. These adjustments are attributed to the cedi’s depreciation and the surge in global petroleum prices. 

The Bank of Ghana reports that the cedi depreciated by about 4% against the US dollar in January 2026, driven by increased demand from businesses restocking for the year and multinational companies making foreign transfers. 

Crude oil prices have also surged, rising from approximately $62.50 to $67.40 per barrel in early February.  This increase in crude oil prices has led to higher international prices for refined petroleum products, further impacting local fuel costs.

At the pump, petrol is projected to sell at approximately GH¢11.48 per litre, while diesel could rise to around GH¢12.77 per litre. LPG is also forecast to increase to about GH¢13.50 per kilogram. 

Despite these projections, COMAC notes that intense competition among oil marketing companies may lead some marketers to absorb part of the increases and maintain current pump prices. 

The anticipated fuel price hikes are expected to have a ripple effect on transportation and commodity prices, potentially exacerbating the cost of living for many Ghanaians. Economic analysts warn that this development could further strain household budgets and impact business operations across the country.

As the situation unfolds, stakeholders and consumers alike are urged to stay informed and prepare for the impending adjustments in fuel prices.