The Chamber of Oil Marketing Companies (COMAC) has projected marginal increases in fuel prices in the first pricing window of February 2026, citing cedi depreciation and rising international petroleum prices.
In its 1st February Pricing Outlook Report, COMAC said petrol, diesel and liquefied petroleum gas (LPG) ex-pump prices are expected to rise by between 1.73% and 2.10%, 4.00% and 5.10%, and 0.61% and 1.09%, respectively.
According to the Chamber, the upward pressure is largely driven by developments on the international oil market, where crude oil prices surged in early February from about US$62.50 per barrel to US$67.40 per barrel. The rebound has been attributed to supply disruptions, tighter European markets following Kazakhstan’s export challenges, and geopolitical tensions, including renewed US threats toward Iran, which added a risk premium to prices.
In line with the crude oil rally, international prices of refined petroleum products also recorded notable increases during the period, further influencing projected domestic pump prices.
COMAC also pointed to the performance of the Ghana cedi, which depreciated marginally against major trading currencies. During the first February pricing window, the cedi weakened from about GH¢10.90 to GH¢10.98 to the US dollar, representing a depreciation of approximately 0.77%.
Despite these factors, COMAC noted that intense price competition among oil marketing companies and prevailing market dynamics could moderate the impact on consumers. As a result, some marketers may opt to maintain current pump prices in the short term.
The Chamber added that, notwithstanding short-term currency fluctuations, the Bank of Ghana has reiterated its commitment to maintaining price stability while supporting overall economic growth.