 have increased fuel prices today as firms move to manage a surge in consumer demand and anticipated higher supply costs.){kind=link}
Oil Marketing Companies (OMCs) have increased fuel prices today as firms move to manage a surge in consumer demand and anticipated higher supply costs.
Market leader Star Oil has already adjusted its pump prices, with petrol now selling at GH¢11.46 per litre. Diesel prices at some of its outlets have risen to GH¢12.76 per litre, while a few locations are reportedly charging as much as GH¢14.35 per litre.
Industry sources indicate that the price adjustment forms part of a strategy to manage the sharp increase in demand witnessed over the weekend, as motorists rushed to fill their tanks ahead of expected price hikes.
The country’s second-largest player in the sector, GOIL, has also reportedly revised its prices. Petrol is currently selling at GH¢11.57 per litre, while diesel has reached GH¢14.35 at some stations.
Several smaller OMCs have also arried out similar adjustments over the weekend. However, insiders within the petroleum downstream sector suggest these increases may not be the final ones, as another round of price revisions is expected when the new pricing window officially opens on Monday, March 16.
According to industry sources, demand for petroleum products surged significantly over the weekend as consumers anticipated the impending price increases.
Some OMCs reported that demand rose by as much as 50 percent, leading to long queues at filling stations and forcing some outlets to exhaust their daily allocated stocks.
The sudden spike in purchases has compelled certain companies to adjust their prices to reflect the higher cost of fresh supplies being delivered to their stations.
There are also indications that a number of service stations may have engaged in hoarding practices, holding back fuel stocks in anticipation of higher margins once the new pricing adjustments take effect.
The Chamber of Oil Marketing Companies attributes the expected increases to recent spikes in global crude oil prices, largely driven by escalating geopolitical tensions in the Middle East.
Disruptions affecting the strategic Strait of Hormuz, a key maritime oil transit route, have tightened global supply, triggering a surge in international petroleum prices.
International refined product prices have risen sharply in recent weeks. Diesel prices have increased by as much as 43 percent, LPG by 23.96 percent, and petrol by 19.41 percent.
Global crude oil prices have also climbed significantly in mid-March 2026, rising from $71.41 per barrel to $86.55 per barrel.