Star Oil Leads Fuel Price Hikes as Diesel Surges to GH¢18.77 Amid Global Tensions

Oil Marketing Companies (OMCs) across Ghana have commenced a new round of fuel price hikes, with Star Oil leading the upward adjustment effective August 1, 2026. The increase is primarily driven by rising international crude prices and the continued depreciation of the Ghana cedi. At Star Oil service stations, the price of petrol has moved from GH¢14.47 to GH¢14.53 per litre, while diesel experienced a more substantial jump, rising from GH¢17.67 to GH¢18.77. This price revision is expected to set a benchmark for other market players, many of whom are anticipated to adjust their rates in the coming days.

Star Oil’s Chief Executive, Philip Tieku, has attributed the sharp adjustments to volatile conditions in the global energy market. International gasoline prices have surged by nearly 20%, while diesel prices have spiked by approximately 25%. These global trends are largely fueled by heightened geopolitical tensions, specifically those stemming from the US-Iran conflict. For local OMCs, the combination of high landing costs and the weakening cedi has made the current price increments inevitable to ensure the sustainability of their operations.

Industry analysts expect a broader wave of price adjustments across the country between August 2 and August 3, as more OMCs align with current market realities. Some forecasts suggest that petrol prices could reach as high as GH¢15.23 per litre in the immediate term. The rapid escalation of fuel costs is already placing significant pressure on the transport sector. The Ghana Private Road Transport Union (GPRTU) is reportedly monitoring the situation closely and may soon formally request an upward review of transport fares to cushion drivers and transport owners against the rising cost of operations.

As the administration of President John Mahama continues to manage these economic headwinds, the focus remains on potential interventions to stabilize the cedi and mitigate the impact of global shocks on the local market. For many Ghanaians, the primary concern remains the ripple effect of fuel hikes on the general cost of living, as increased transport costs traditionally lead to higher prices for food and essential services. The coming weeks will be critical in determining how the government and transport stakeholders balance the need for commercial viability with the protection of consumer purchasing power.