Some Oil Marketing Companies (OMCs) have begun raising fuel prices at the pumps, with GOIL taking the lead.
The price of petrol has moved from GH¢12.99 on September 2, 2025, to GH¢13.38 per litre, while diesel now sells at GH¢14.20 per litre, up from GH¢13.90.
GOIL, the second-largest player in the industry, is the first to implement adjustments after most OMCs kept their prices unchanged for about a week, despite earlier projections that pump prices should rise by about 6% per litre from September 16.
Analysts are now watching closely to see if this move will push other OMCs numbering over 200 nationwide to follow suit.
The Chamber of Oil Marketing Companies (COMAC) had projected that petrol could rise by up to nearly 6% to sell around GH¢14.17 per litre, diesel could climb to about GH¢14.67 per litre, and Liquefied Petroleum Gas (LPG) could hit roughly GH¢14 per kilogram.
The key factor driving the increases is the sharp depreciation of the cedi against the US dollar.
During the review period, the cedi weakened from GH¢11.20 to GH¢12.07 to the dollar, a 7.76% drop, bringing its year-to-date decline to 14.02%.
Bloomberg has ranked this among the steepest currency losses globally. According to COMAC, the fall stems mainly from strong demand for dollars to finance imports ahead of the festive season.
Although global market prices for crude oil and refined products actually declined, with petrol down 2.52%, diesel 4.12%, and LPG 2.69%, the depreciation of the cedi has more than erased these gains.
COMAC has therefore emphasised that domestic fuel price increases were inevitable.
