Prices for petroleum products are expected to increase starting May 16, 2026, regardless of whether the government extends its current intervention program intended to shield consumers from rising global crude oil costs.
Dr. Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies, told JoyBusiness that the price trajectory depends on two primary scenarios tied to the policy’s expiration.
If the government extends the intervention, petrol prices are projected to rise by 2.5% to 3%, reaching approximately GH¢14.50 per litre. Diesel would likely see a 1.8% increase, bringing it to GH¢16.50 per litre. Dr. Oppong noted that “extending the policy will only lower the expected margin of increase at the pumps.”
In the second scenario, where the intervention is not renewed, petrol could climb to GH¢15.80 per litre and diesel to GH¢18.05 per litre. Regarding liquefied petroleum gas (LPG), Dr. Oppong stated that pricing will be determined by market stock levels.
The CEO also addressed discussions concerning the importation of petroleum products from Nigeria for local refining, advising against the assumption that imports automatically lower costs. “There should be a clear distinction between product availability and low prices at the pumps,” he warned.
Global market pressures are contributing to the domestic outlook, with crude oil currently trading at $107 per barrel amid reports that the United States may resume strikes on Iran. While these factors are expected to influence domestic inflation, the World Bank, IMF, and Fitch Ratings maintain that Ghana’s year-end inflation remains projected at single-digit levels.