Consumers across Ghana are expected to face another surge in fuel prices beginning May 16, 2026, following a new pricing projection released by the Chamber of Oil Marketing Companies and obtained by JOY BUSINESS.
According to the latest market outlook, petrol prices are projected to rise between 5.29 percent and 7.30 percent, potentially pushing the pump price to approximately GHS 15.42 per litre. Diesel prices are also expected to record a steep adjustment of up to 7.30 percent, which could result in consumers paying nearly GHS 17.83 per litre. Liquefied Petroleum Gas, commonly known as LPG, is likewise anticipated to rise by about 3 percent, with a kilogramme projected to sell around GHS 17.10.
The projections are based on transactions involving oil marketing companies that procure petroleum products on credit arrangements from bulk oil distribution firms operating within the country’s downstream petroleum sector.
The Chamber attributed the impending increases primarily to escalating prices on the international petroleum market together with renewed pressure on the Ghana cedi against major foreign trading currencies. Data from the pricing window showed the local currency weakening from GHS 11.2057 to GHS 11.3133 against the United States dollar, representing a depreciation of approximately 0.95 percent.
The Chamber further disclosed that the cedi’s cumulative depreciation against major international currencies averaged 7.8 percent as of May 8, 2026, compared with 2.5 percent recorded during the corresponding period last year, intensifying concerns about imported fuel costs and broader inflationary pressures.
Although average crude oil prices witnessed a marginal decline during the middle of May, falling from 113.80 dollars per barrel to 112.07 dollars per barrel, the reduction was insufficient to offset supply disruptions affecting global energy markets. The continuing near paralysis of shipping traffic through the Strait of Hormuz during the prolonged ten week conflict has significantly interrupted the transportation of crude oil, natural gas, and refined petroleum products to international markets, contributing to persistent increases in global energy prices.
Meanwhile, the government has announced the continuation of intervention measures intended to lessen the burden on consumers amid rising global petroleum prices. In a statement issued by Richmond Rockson on behalf of the Ministry of Energy and Green Transition, authorities confirmed that the decision followed a Cabinet meeting chaired by President John Dramani Mahama during which developments within the international petroleum market were extensively reviewed.
Government officials explained that an earlier intervention introduced on April 16, 2026, involved the absorption of GHS 2.00 per litre on diesel together with GHS 0.36 per litre on petrol in an effort to protect consumers from severe fuel price increases triggered by geopolitical instability and volatility across international energy markets.
Although the temporary measure had initially been scheduled to expire on May 15, 2026, the government has now decided to extend part of the intervention package by continuing to absorb GHS 1.07 per litre on diesel effective May 16, 2026. Authorities indicated that the revised intervention would remain operational for two additional pricing windows subject to further assessment depending on movements within the global petroleum market.
Despite the renewed government support, industry observers maintain that fuel prices will still rise noticeably at pumps nationwide beginning this weekend.
Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, earlier indicated in remarks to JOY BUSINESS that the expected adjustments could have been considerably higher had the government not introduced temporary relief measures aimed at cushioning consumers from the impact of surging international petroleum prices.
SOURCE: Myjoyonline
