Some Oil Marketing Companies (OMCs) have begun increasing fuel prices at the pumps from Monday, February 16, 2026, in line with earlier industry projections of a 1% to over 3% rise per litre.
Checks by JOYBUSINESS indicate that GOIL has adjusted its pump prices, with petrol now selling at GH¢10.24 per litre, up from GH¢9.99. Diesel has also increased significantly from GH¢11.90 to GH¢12.83 per litre.
GOIL says the quoted figures represent discounted prices available at about 200 selected service stations nationwide, suggesting that prices at other outlets may be slightly higher.
The move shows that GOIL has complied with the National Petroleum Authority’s (NPA) newly announced price floor for petrol, while pricing diesel above the stipulated minimum.
Star Oil Implements Nationwide Adjustment
Market leader Star Oil has also revised its fuel prices nationwide, effective 8:00 a.m. on February 16.
Petrol at Star Oil stations has increased from GH¢9.99 to GH¢10.24 per litre. Diesel prices have also been adjusted upward, with checks indicating that the company is pricing slightly above the approved diesel price floor.
While Star Oil adhered to the petrol price floor set by the NPA, it has moved marginally higher on diesel.
More OMCs Expected to Follow
Other major OMCs have signalled their intention to adjust prices during the course of the day.
With strict compliance expected under the NPA’s price floor regime, operators are not permitted to sell petrol below GH¢10.24 per litre and diesel below GH¢11.34 per litre.
Drivers of the Price Increase
The Chamber of Oil Marketing Companies (COMAC) attributes the latest price hikes to the depreciation of the Ghanaian cedi against the US dollar in January and February 2026, as well as rising international crude oil and refined petroleum product prices.
The cedi has been under sustained pressure since the beginning of the year, largely due to increased demand for foreign exchange by businesses restocking for 2026 and multinational firms making foreign transfers, including dividend payments.
According to the Bank of Ghana’s January economic and financial data, the cedi depreciated by about 4% against the US dollar. However, data from some commercial banks put the depreciation at approximately 4.16%.
On the international market, crude oil prices have risen by more than 5% and are currently trading near $70 per barrel.
Prices of finished petroleum products have also climbed, with petrol increasing by 4.17%, gas oil by 5.57%, and liquefied petroleum gas (LPG) by 6.18%.
COMAC says it has received assurances from the Bank of Ghana that the central bank remains committed to maintaining price stability while supporting overall economic growth.
