Pump prices to rise in March as petrol, diesel costs climb

Consumers should brace for higher transportation and fuel costs in the coming days, as the Chamber of Petroleum Consumers (COPEC) projects marginal increases in the price of petrol and diesel for the first pricing window of March 2026.

According to COPEC’s latest forecast, petrol prices are expected to rise by 3.59%, while diesel will see a more modest increase of 1.52% at the pumps. However, in a bit of relief for households, the price of Liquefied Petroleum Gas (LPG) is projected to dip slightly by 1.57%.

The anticipated adjustments are driven primarily by fluctuations in the global oil market. COPEC’s analysis reveals that global crude oil prices saw a marginal uptick of 1.25%, moving from $70.90 to $71.79 per barrel.

Furthermore, the international benchmark prices—known as Free On Board (FOB) prices—for the individual products saw significant movement. Petrol’s FOB price surged by 5.03%, jumping from $652.64 to $685.27 per metric tonne. Diesel followed suit with a 2.29% increase, from $695.94 to $711.86 per metric tonne.

These international pressures were slightly offset by a minor appreciation of the Ghana Cedi. The local currency gained 0.24% against the US dollar, moving from an average interbank rate of GHS 11.0990 to GHS 11.0723.

What Consumers Will Pay

Taking both the international price hikes and the local currency gains into account, COPEC has outlined the following projected price ranges for the upcoming window:

· Petrol: Expected to sell between GHS 11.80 and GHS 13.00 per litre.
· Diesel: Expected to sell between GHS 12.73 and GHS 14.00 per litre.
· LPG: Expected to see a price drop, selling between GHS 11.48 and GHS 12.69 per kilogram.

COPEC notes that actual prices at the pumps may vary within a ±5% margin of its estimates, depending on the specific Oil Marketing Company (OMC).

A Call for Restraint

Despite the projected increases, COPEC has appealed to OMCs to demonstrate restraint in their pricing strategies. The Chamber urged dealers to absorb a portion of the cost burden where possible, rather than passing the full weight of the international hikes onto consumers.

While the increases are described as marginal, they underscore the persistent vulnerability of Ghana’s fuel market to global economic trends and exchange rate volatility. The new prices are expected to take effect at the start of the March 2026 pricing window.