Petroleum prices in Ghana are projected to increase starting May 16, 2026, regardless of whether the government extends its current price-cushioning program. Dr Riverson Oppong, CEO of the Chamber of Oil Marketing Companies, outlined two primary scenarios for the upcoming window.

If the government extends the policy, petrol prices are expected to rise by 2.5% to 3%, reaching approximately GH¢14.50 per litre, while diesel is projected to increase by 1.8% to GH¢16.50 per litre.

Without an extension, petrol could climb to GH¢15.80 and diesel to GH¢18.05. Dr. Oppong noted that an extension would only reduce the margin of the increase, not prevent it.

Regarding Liquefied Petroleum Gas (LPG), pricing remains dependent on market stock levels.

Dr Oppong also clarified that importing products from Nigeria does not guarantee lower pump prices, advising a distinction between product availability and cost.

These domestic increases follow a rise in global crude oil prices to approximately $107 per barrel, driven by reports of potential United States strikes on Iran.

While these developments may increase inflationary pressure, the IMF, World Bank, and Fitch Ratings maintain that Ghana is still expected to achieve single-digit inflation by the end of the year.