Josiah
Ghanaians will pay more for fuel this week after prices at the pump went up again. Petrol is now selling at GH¢13.38 per litre, up from GH¢12.99, while diesel has increased to GH¢14.20 per litre, from GH¢13.90.
The adjustment was first introduced by GOIL, the country’s second-largest Oil Marketing Company (OMC), breaking a week-long price freeze among industry players. Analysts warn that the move could trigger similar increases across the over 200 OMCs nationwide.
The Chamber of Oil Marketing Companies (COMAC) had earlier projected the hikes, citing exchange rate pressures and global oil market trends. COMAC estimated:
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Petrol prices could rise by 3.66%–5.86%, reaching up to GH¢14.17 per litre.
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Diesel prices could increase by 2.12%–4.32%, potentially hitting GH¢14.67 per litre.
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LPG prices may climb 2.23%–4.23%, averaging around GH¢14 per kilogram.
The key factor behind the latest increases is the sharp fall of the Ghana cedi, which slid from GH¢11.20 to GH¢12.07 per US dollar in the current pricing window — a 7.76% decline in just weeks. Since the start of 2025, the currency has lost 14.02% of its value, ranking among the world’s worst performers, according to Bloomberg.
“The pressure comes largely from strong demand for dollars to finance imports ahead of the festive season,” COMAC explained.
International crude oil and refined product prices are also fueling the hikes. Rising demand and output cuts by major producers have pushed global prices higher, compounding the burden on import-dependent Ghana.
The increase is expected to ripple through the economy, pushing up transport fares, food prices, and overall inflation, particularly during the festive season.
Transport unions and consumer advocacy groups have already voiced concerns about the strain on households and small businesses, many of which are struggling with high inflation and weak purchasing power.
Source: omanghana.com
