Motorists Brace for Higher Costs as Fuel Prices Set to Rise on February 16

Motorists and consumers across Ghana are preparing for a significant uptick in fuel costs at the pumps, following a new projection by the Chamber of Petroleum Consumers (COPEC). Starting Monday, February 16, 2026, prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) are expected to rise across various retail outlets. This adjustment is driven by a dual pressure of a depreciating Cedi and tightening global market conditions for refined petroleum products, marking another period of volatility for the local energy sector.

According to detailed projections from COPEC, petrol prices are estimated to increase by approximately 1.97%, while diesel prices are set to see a sharper rise of 2.73%. However, the most significant burden will be felt by consumers of LPG, which is projected to jump by 3.26%. Duncan Amoah, the Executive Secretary of COPEC, highlighted that these shifts are largely a reaction to international market dynamics, where refined product prices have surged between 4% and 6% in the recent pricing window. This international surge directly influences the landed cost of products within the Ghanaian market.

The volatility is further compounded by the continuous decline in the value of the Ghana Cedi against the US Dollar. Since bulk oil distributors must procure products using foreign currency, the local currency's depreciation remains a primary driver for domestic price adjustments. Despite these upward pressures, Amoah noted that the full weight of international price hikes might not be immediately felt by the end-user. Intense competition among the country's various Oil Marketing Companies (OMCs) and the strategic management of existing stock levels may encourage some retailers to absorb a portion of the costs to maintain their market share.

As the mid-February pricing window opens, the anticipated hike is expected to have ripple effects throughout the Ghanaian economy, potentially influencing transport fares and the cost of essential goods. Bulk distributors and retailers are already factoring in these projected increases as they restock for the second half of the month. COPEC continues to monitor the situation closely, advising the public to prepare for the adjustments while suggesting that internal market dynamics and competitive pricing may provide a slight cushion against the full impact of global price surges.