Fuel prices in Ghana have begun to shift as oil marketing companies adjust pump rates amid rising global energy costs, with some stations implementing new prices from March 16. Star Oil Ghana is selling petrol at GH¢12.49 per litre, slightly lower than the GH¢12.90 price earlier announced, while diesel at the company’s stations has risen to GH¢15.99 per litre, up from GH¢14.36.
GOIL has also adjusted prices, selling petrol at GH¢11.57 per litre and diesel at GH¢14.35. Industry players are watching closely to see whether other marketers will follow with similar adjustments, as the full impact of global market movements continues to filter through to local pumps.
The expected price movements are linked to rising global crude oil prices, which climbed from about $71.41 to $86.55 per barrel in mid-March. According to the Chamber of Oil Marketing Companies, geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz have tightened supply and pushed refined fuel prices higher.
For Ghana’s economy, each increase in fuel prices cascades through the entire cost structure. Transport fares rise, food prices increase as logistics costs mount, and businesses face higher operating expenses. The timing is particularly challenging as the country continues its recovery under an International Monetary Fund programme, with inflation already constraining household purchasing power.
The National Petroleum Authority has raised minimum price floors for fuel, meaning oil marketing companies must adjust pump prices upward to comply with new regulatory benchmarks. The adjustments mark the fourth anticipated fuel price hike since January, with the March increases projected to be the largest so far this year.
