Fuel prices across Ghana have begun edging upward from today, February 2, 2026, as major Oil Marketing Companies (OMCs) implement new pump prices in line with revised industry projections and regulatory directives.
The adjustments follow earlier indications that petroleum product prices could rise by between 2 per cent and more than 5 per cent per litre during the first pricing window of February.
The changes come amid renewed pressure from currency depreciation and rising international crude oil prices, prompting the National Petroleum Authority (NPA) to revise minimum price thresholds for petroleum products.
State-owned GOIL PLC has responded to the new pricing environment with what it describes as a targeted intervention aimed at cushioning consumers from the immediate impact of rising fuel prices.
The company announced that it is matching the NPA-approved floor price of GH¢9.99 per litre for petrol, also known as Premium Motor Spirit (PMS).
“GOIL matches NPA’s price floor for Petrol.
“We’ve expanded our discounted stations from 150 to 200 nationwide, so more customers can enjoy real fuel relief with the same superior quality.”
GOIL PLC
GOIL explained that the intervention is deliberately designed to protect vulnerable segments of society, particularly commercial drivers, public transport operators, farmers, traders and low-income households who are most exposed to rising transport and food costs.
“The selected outlets are strategically located along major transport corridors and near commercial vehicle terminals to ensure the benefits are felt where economic pressures are highest.”
GOIL PLC
Star Oil Aligns with New Petrol Price Floor
Market leader Star Oil has also adjusted fuel prices at its outlets, increasing the price of petrol marginally to GH¢9.99 per litre from GH¢9.97. The company noted that the adjustment affects its discounted petrol prices nationwide.
Star Oil explained that the revision was necessary to align its pricing structure with the new petrol price floor introduced by the NPA for the February 2026 pricing window. Despite the increase in petrol prices, the company has opted to maintain its diesel price at GH¢10.95 per litre.
Industry observers say Star Oil’s decision to hold diesel prices steady could provide some relief to commercial drivers and logistics operators who rely heavily on diesel-powered vehicles.
Another major player in the downstream petroleum sector, Zen Petroleum, has also announced adjustments to its pump prices. The company is now selling petrol at GH¢9.99 per litre, up from the previous price of GH¢9.94.
Zen Petroleum has also revised diesel prices upward, with a litre now selling at GH¢11.44. The company confirmed that the new prices took effect from February 2, 2026, in line with regulatory requirements.
The adjustments by Zen Petroleum reflect broader industry trends as OMCs realign their pricing models to comply with new minimum price thresholds while managing rising operational costs.
NPA New Price Floors
The recent adjustments in fuel prices follow the announcement by the National Petroleum Authority of new minimum price levels for petroleum products for the first pricing window of February 2026, which runs from February 1 to February 15.
According to a price update issued by the NPA, the price floor for diesel has been increased to GH¢10.95 per litre, up from the previous GH¢10.47. The minimum price for petrol has also been revised upward to GH¢9.99 per litre, compared to the earlier GH¢9.80.
Liquefied Petroleum Gas (LPG) has been priced at GH¢9.05 per kilogram for the same period. The new benchmarks are intended to reflect prevailing market conditions, including changes in global oil prices and exchange rate movements.
The directive means that any oil marketing company currently selling petroleum products below the approved thresholds must adjust pump prices to remain compliant.
More Price Changes Expected
While GOIL, Star Oil and Zen Petroleum have confirmed their revised prices, other major OMCs are still in the process of reviewing their pricing structures.
Industry sources indicate that additional price updates are expected in the coming days as companies complete internal assessments and align with the new regulatory framework.
The staggered implementation reflects the competitive nature of Ghana’s downstream petroleum sector, where companies often monitor pricing decisions by major players before making adjustments of their own.
The latest increases in fuel prices are likely to have knock-on effects on transport fares and the cost of goods, particularly food items that depend heavily on road transportation. Consumer groups have already begun calling for restraint among transport operators as the pricing changes take effect.
As fuel prices continue to respond to both domestic and international pressures, industry analysts say the balance between regulatory compliance, competition and consumer protection will remain a key challenge for oil marketing companies in the weeks ahead.
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