Prices of petroleum products are expected to increase significantly from May 16, 2026. That is according to the pricing outlook released today, May 15, by the Chamber of Oil Marketing Companies and seen by JOY BUSINESS.

Breakdown of pricing outlook

Based on data picked up from the Chamber of Oil Marketing Companies, petrol is expected to increase by between 5.29% and 7.30%, which could result in a litre selling at GHC 15.42.

Diesel, on the other hand, could go up by as much as 7.30%, resulting in a litre selling at GHC 17.83.

LPG is also expected to increase by 3%, resulting in a kilogramme selling at GHC 17.10.

These projections are based on oil marketing firms that purchase products on credit from various bulk oil distributors.

Reasons

According to the Chamber of Oil Marketing Companies, the increase has been influenced by higher international market prices and recent pressure on the Ghana cedi.

The local currency, for instance, depreciated slightly against major trading currencies. For the May 16, 2026 pricing window, the cedi moved from GHS 11.2057 to GHS 11.3133 per US dollar, representing a 0.95% dip.

Year to date depreciation averaged 7.8% against all major foreign currencies as of May 8, 2026, compared to 2.5% over the same period last year.

On the other hand, average crude oil prices declined slightly in mid May from 113.80 dollars per barrel to 112.07 dollars per barrel, representing a 1.52% decrease.

However, the near halt of traffic through Hormuz during the 10 week conflict continues to disrupt shipments of crude oil, gas, and fuels to global customers, driving up energy prices and raising inflation fears.

Government’s intervention

The government today announced the continuation of measures aimed at cushioning consumers from the impact of rising petroleum prices on the international market.

In a statement signed by Richmond Rockson, Spokesperson and Head of Communications at the Ministry of Energy and Green Transition, the government said the decision followed a Cabinet meeting chaired by President John Dramani Mahama, during which developments on the global petroleum market were reviewed.

According to the statement, the government had earlier introduced a temporary measure effective April 16, 2026, by absorbing GHS2.00 per litre on diesel and GHS0.36 per litre on petrol.

The intervention was initially expected to remain in force for one month, ending May 15, 2026, to shield consumers from escalating fuel prices driven by geopolitical tensions and volatility on the global market.

Following the latest review, the government has now decided to continue the intervention on diesel by absorbing GHS1.07 per litre effective May 16, 2026.

The statement added that the latest intervention is expected to remain in force for two pricing windows, subject to further review depending on developments on the international petroleum market.

However, this move was not enough to prevent an increase in pump prices from this weekend.

Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, had earlier told JOY BUSINESS that prices at the pumps would have been higher than current estimates if the government had not stepped in with the intervention to cushion consumers.

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Petrol prices to rise significantly from May 16 despite government intervention

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