Some Oil Marketing Companies (OMCs) have begun adjusting fuel prices at the pumps from today, February 1, 2026.
The development follows industry projections that petroleum product prices would increase by between 2 per cent and more than 5 per cent per litre.
Checks by JOYBUSINESS on February 1, 2026, show that market leader Star Oil has adjusted its petrol prices, selling a litre at GH¢9.99, up from GH¢9.97.
Star Oil told JOYBUSINESS that the adjustment affects its discounted prices nationwide.
The company explained that the review was necessary to align its pricing with the new petrol price floor, which has been revised marginally upward.
However, Star Oil has maintained diesel pricing at GH¢10.95 per litre. These price adjustments took effect on February 1, 2026.
Another major industry player, Zen Petroleum, has also revised prices. The company is now selling petrol at GH¢9.99 per litre, up from GH¢9.94.
Zen Petroleum has also increased diesel prices to GH¢11.44 per litre, with the adjustment taking effect on February 2, 2026.
Other major oil marketing companies have also begun reviewing prices. However, as of the filing date, these were the confirmed prices. Additional price updates are expected as more companies complete their reviews.
More oil marketing firms are expected to adjust pump prices from February 2, 2026.
Reasons
According to the Chamber of Oil Marketing Companies (COMAC), the projected price increases are largely driven by the depreciation of the Ghanaian cedi against the US dollar in January 2026 and by rising international crude oil prices.
Crude oil prices surged from about 64 dollars per barrel to nearly 70 dollars per barrel within just two days during the review period.
COMAC noted that the cedi depreciated marginally against major trading currencies at the start of the year.
For the February 1 pricing window, the currency weakened from GH¢10.90 to GH¢10.98, representing a 0.77 per cent depreciation.
Despite these pressures, COMAC said it has received assurances from the Bank of Ghana that it remains focused on maintaining price stability while supporting economic growth.
Industry sources, however, told JOYBUSINESS that this round of price adjustments will be heavily influenced by market competition.
Market data already shows that most firms are pricing fuel only slightly above the official price floor, rather than significantly higher, as was common in previous pricing windows.
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