Fuel prices set to surge as Cedi slides and global markets tighten

The Chamber of Petroleum Consumers (COPEC) has prompted Ghanaian motorists and businesses to prepare for an immediate upward adjustment in fuel prices.

Starting Monday, 16th February 2026, ex-pump prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) are projected to rise by as much as 3.26%, driven by a volatile mix of a weakening Cedi and escalating international market costs.

According to data analysed by the Chamber, the second pricing window of February will likely see petrol prices climb by 1.97%, diesel by 2.73%, and LPG by a sharp 3.26%.

Speaking on Channel One Newsroom on Saturday, 14th February 2026, COPEC Executive Secretary Duncan Amoah explained that the local market is currently at the mercy of external dynamics that have pushed global refined product prices higher. Over the past fortnight, international benchmarks for petrol and diesel have climbed between 4% and 6%.

However, the pain is compounded domestically by the Cedi’s recent struggle against the US Dollar, with the local currency shedding approximately GH¢1 in value over the same period.

“We are dealing with international factors or dynamics. What you have is a situation where the international market has gone up slightly. Petrol did about 4%, diesel did 5%, and LPG 6%. We also have the cedi nose down a little by GH¢1. If you put the two together, you will clearly not have the same price. So, we will pay more by Monday, unfortunately,” Mr Amoah stated.

Despite the heavy pressures, Mr Amoah suggested that the full weight of the 6% international surge might not be passed on to the consumer immediately.

Competition among Oil Marketing Companies (OMCs) and existing stock levels may lead to a slightly moderated adjustment.

Mr Amoah noted that as of the close of business on Friday, 13th February, bulk distributors were already adjusting their rates in anticipation of the new window.

“When you look at the numbers, instead of getting between 3–6%, you might get the market do between 2–3%. But whatever happens, the market will not be able to hold without adjusting upwards. As of Friday, what the market was buying, they were buying a bit higher in anticipation of the price hike,” he added.