Ghana Fuel Prices Set to Rise From May 16 Despite Government Relief

• Prices of petroleum products in Ghana may rise by between 2.5% to 3% starting the next pricing window in May
• Without government intervention, petrol could reach GH¢15.80 per litre, according to market players
• Crude oil prices continue to rise and are trading at about $107 per barrel amid the tensions in the Middle East

Prices of petroleum products are expected to rise from May 16, 2026, even if the government relief against rising crude oil prices continues.

The Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, told Joy News that petrol prices are expected to increase by about 2.5% to 3% per litre if the government relief continues.

This would push a litre of petrol to around GH¢14.50. Diesel is also projected to rise by about 1.8% per litre, which could take the price to about GH¢16.50.

If the government does not continue the intervention, petrol prices could climb to about GH¢15.80 per litre, while diesel could be sold at around GH¢18.05 per litre.

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Meanwhile, there are indications of further pressure on global fuel prices following reports that the US could soon resume strikes on Iran. Crude oil prices have already risen, trading at about $107 per barrel.

The development is likely to feed into domestic inflation pressures in the coming months.

Since February 28, joint US-Israeli attacks on Iran, which resulted in the death of Ayatollah Ali Khamenei, the country’s supreme leader, sparked a conflict involving different countries in the Middle East. Time reported that over 3,400 have been killed in the conflict.

This is in addition to its closure of the Strait of Hormuz, which transports 20% of the world's oil, sending oil prices soaring.

What fuel intervention did the government put in place?

Following increased volatility on the international petroleum market, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.

These measures were effective on April 16, according to a statement from the government.

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Effect of Iran war on fuel supply

Iran has effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.

Attacks on merchant ships near the strait have killed at least seven sailors, according to the International Maritime Organisation.

AP reported that US President Donald Trump also assured threatened intensified action on Iran if the country made any “attempt to stop the globe’s oil supply.”

The hike in fuel was being passed on to other services that Ghanaians depend on.

For example, the Ghana Private Road Transport Union had threatened to hike transport fares because of the increase in fuel prices. Increased transport fares also translate to increased fuel prices.

But it has now welcomed the expected relief from the government.

Iran targets commercial ships

Earlier, YEN.com.gh reported that Iran had targeted commercial ships and Dubai Airport, escalating regional tensions amid global energy concerns.

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Iran threatens financial institutions in the Middle East, endangering Dubai's economic stability as attacks escalate.

Airstrikes continue in Tehran and Lebanon as the UN discusses measures against Iran's aggression towards Arab nations.

Source: YEN.com.gh