Some Oil Marketing Companies (OMCs) have begun increasing fuel prices ahead of the March 16 pricing window under the industry’s pricing guidelines, in what appears to be an early move to manage demand following a surge in purchases.
JOYBUSINESS understands that market leader Star Oil has increased the price of petrol to GH¢11.46 per litre.
Diesel is now selling at GH¢12.76 per litre, while some locations have recorded prices as high as GH¢14.35.
Sources say the move forms part of Star Oil’s strategy to manage demand over the weekend.
The second-largest player in the industry, GOIL, is also reported to have adjusted its prices on Sunday. A litre of petrol is now selling at GH¢11.57, while diesel is going for GH¢14.35.
JOYBUSINESS has also learnt that several smaller Oil Marketing Companies carried out price increases over the weekend.
However, industry sources say these adjustments are not the final increases, as another round of price changes is expected on Monday, March 16.
Some OMCs have indicated that the price of diesel could increase by more than 50 pesewas per litre, which is significantly higher than the nearly 17 per cent increase earlier projected by the Chamber of Oil Marketing Companies.
Demand Surge
JOYBUSINESS has gathered that demand for petroleum products rose sharply over the weekend.
The surge is believed to have been driven by motorists and consumers rushing to fill their tanks ahead of the anticipated March 16 price hikes.
Some Oil Marketing Companies told JOYBUSINESS that demand increased by about 50 per cent during the period.
The sudden spike led to several service stations running out of their allocated daily stock.
This development compelled some OMCs to increase prices to reflect the cost of new stocks being supplied.
There were also reports that some service stations may have engaged in hoarding in anticipation of the March 16 price adjustments.
Managing Price Hikes
JOYBUSINESS understands that some Bulk Oil Distribution Companies (BDCs) have decided to absorb part of the cost of supplying petroleum products to OMCs.
Sources say some BDCs have opted for a zero margin on certain volumes sold to OMCs to help manage the expected price hikes from March 16, 2026.
Projected Price Hike
Data from the Chamber of Oil Marketing Companies indicate that petrol prices could increase by 16.93 per cent, while diesel prices are expected to rise by 17.21 per cent.
Liquefied Petroleum Gas (LPG) is projected to increase by 11.26 per cent.
This marks about the fourth time since January that fuel prices have been projected to rise. However, this is the first time this year that such a significant increase is expected.
Breakdown of Expected Increases
According to COMAC data, petrol could rise by 16.93 per cent, pushing the price to about GH¢14.32 per litre.
Diesel is projected to increase by 17.21 percent, which could see a litre selling at around GH¢16.10.
LPG is expected to go up by 11.26 percent.
Reasons
The Chamber of Oil Marketing Companies attributes the expected price increases to a recent surge in global crude oil prices.
The development has been driven by escalating geopolitical tensions in the Middle East and disruptions to a key maritime oil transit route, the Strait of Hormuz.
These disruptions have tightened global supply and pushed international petroleum prices higher.
International refined product prices have also surged. Diesel prices have increased by up to 43 percent, LPG by 23.96 percent, and petrol by 19.41 percent.
Global crude oil prices rose sharply in mid-March 2026, climbing from $71.41 to $86.55 per barrel, further contributing to the projected increases in pump prices.
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Source: www.myjoyonline.com