Fuel prices to edge up in March as petrol rises 3.59%, diesel 1.52%

Fuel consumers are expected to pay slightly more at the pumps in the first pricing window of March 2026, as petroleum products record marginal upward adjustments.

The Chamber of Petroleum Consumers (COPEC) has projected price increases for petrol and diesel, while Liquefied Petroleum Gas (LPG) could see a slight reduction.

According to COPEC, petrol prices are anticipated to rise by 3.59%, diesel by 1.52%, while LPG may decline by 1.57% across various pumps.

The expected adjustments are attributed to movements in global crude oil prices and changes in international Free On Board (FOB) prices, despite a modest appreciation of the Ghana cedi against the US dollar.

COPEC indicated that global crude oil prices increased marginally by 1.25%, from $70.90 per barrel to $71.79 per barrel. Meanwhile, the cedi appreciated slightly from an average interbank rate of GHS11.0990 to GHS11.0723 to the dollar, reflecting a 0.24% gain.

For petrol, the international FOB price rose by 5.03%, from $652.64 per metric tonne to $685.27 per metric tonne. Factoring in the cedi’s appreciation, retail petrol prices are projected to increase by 3.59%, with pump prices expected to range between GHS11.8 and GHS13 per litre, within a ±5% margin of COPEC’s estimates.

Diesel’s international FOB price also climbed by 2.29%, from $695.94 per metric tonne to $711.86 per metric tonne. After accounting for currency movements, diesel prices are projected to rise by 1.52%, with expected pump prices ranging between GHS12.73 and GHS14.0 per litre.

In contrast, LPG prices may offer some relief. The international FOB price of LPG declined by 1.5%, from $508.77 per metric tonne to $503.59 per metric tonne. Combined with the cedi’s appreciation, this could result in a 1.57% drop in retail LPG prices, with projected selling prices between GHS11.48 and GHS12.69 per kilogram.

Despite the anticipated increases, COPEC has urged Oil Marketing Companies to exercise restraint and avoid passing the full burden onto consumers.

Although described as marginal, the projected changes underscore the continued sensitivity of domestic fuel prices to global market trends and exchange rate fluctuations.