Fuel prices to increase marginally from March 1…driven by crude price surge

March 2, 2026

1 minute read

PRICES of petroleum products are set to increase marginally from March 1, 2026.

According to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketing companies and was seen by Joy Business, this marked the third time since January this year that fuel prices were projected to rise.

However, this time, the spike has been influenced and driven largely by rising crude oil prices on the international market, as well as increases in finished petroleum product prices.

According to the Chamber of Oil Marketing Companies, the Ghana cedi appreciated marginally against major trading currencies. For instance, during the March 1, 2026, Databank pricing window, the currency moved from GH¢11.09 to 11.04 per US dollar, to rise by 0.86 percent, with a litre likely to sell for around GH¢13.22, representing a 0.45 per cent surge.

Databank, in its market research report, noted that the cedi’s recent appreciation aligns with gains in other major sub-Saharan African currencies, reflecting broad external support driven by sustained dollar weakness.

Liquefied Petroleum Gas (LPG), for the first time this year, is expected to go down marginally and, from March 1, should sell at the pumps at GH¢13.87 per kilogram.

However, based on current market conditions, not all major oil marketing companies may move quickly to increase prices from this weekend or from March 1, 2026.

COMAC’s data indicate that the projected price increases are largely driven by rising prices of finished petroleum products as well as crude oil prices.

Oil prices are trading near a seven-month high amid speculation of potential US military action against Iran. Brent crude closed at about 71 dollars a barrel. Some energy analysts have projected that crude prices could hit 100 dollars a barrel.

On the other hand, finished petroleum products recorded mixed movements. Petrol increased by 4.58 per cent, and gas by 1.66 per cent, while LPG fell by 1.05 per cent.

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