Ghana's Fuel Prices Skyrocket as Global Crude Oil Prices Surge

Oil Marketing Companies (OMCs) in Ghana have started increasing fuel prices at the pumps as part of the industry's bi-weekly price review mechanism. Star Oil, a major market player, led the charge on August 1, 2026, raising petrol to GH¢14.53 from GH¢14.47 and diesel to GH¢18.77 from GH¢17.67.

The increase is linked to a sharp rise in global crude oil prices, which have risen by 23.25% since the last review period. The Chamber of Oil Marketing Companies (COMAC) attributed this surge to heightened geopolitical tensions, particularly developments surrounding the US-Iran conflict and uncertainty over the reopening of the Strait of Hormuz.

Star Oil's Chief Executive, Philip Tieku, explained in a Facebook post that international prices have risen sharply since July 15, 2026. He stated that world market prices of gasoline have increased by nearly 20%, while diesel prices have risen by approximately 25%. The Ghana cedi has also experienced some depreciation against the US dollar.

More OMCs are expected to review their prices at the pumps on August 2 and 3, with some analysts predicting that the increases may not be as steep for many consumers. This could put pressure on the transport minister to grant the request of the Ghana Private Road Transport Union to increase transport fares.