Fuel prices go up significantly from May 16 despite extension of government intervention
The Chamber of Oil Marketing Companies released a pricing outlook today, May 15, 2026, indicating significant increases in petroleum product prices from May 16, 2026. Petrol is expected to increase by between 5.29% and 7.30%, potentially reaching GHC 15.42 per litre. Diesel could rise by as much as 7.30%, resulting in a litre selling at GHC 17.83. LPG is also projected to increase by 3%, with a kilogramme selling at GHC 17.10.
The Chamber of Oil Marketing Companies stated that the increase has been influenced by higher international market prices and recent pressure on the Ghana cedi. The cedi depreciated from GHS 11.2057 to GHS 11.3133 per US dollar, a 0.95% dip, for the May 16, 2026 pricing window. Year-to-date depreciation averaged 7.8% against major foreign currencies as of May 8, 2026, compared to 2.5% over the same period last year. Average crude oil prices declined slightly in mid-May from 113.80 dollars per barrel to 112.07 dollars per barrel, a 1.52% decrease. Richmond Rockson, Spokesperson and Head of Communications at the Ministry of Energy and Green Transition, said the government decided to continue the intervention on diesel by absorbing GHS 1.07 per litre effective May 16, 2026.
The government had earlier introduced a temporary measure effective April 16, 2026, by absorbing GHS 2.00
Quick Summary
Ghanaians brace themselves as petroleum prices are projected to rise significantly from May 16th- despite government efforts. The Chamber of Oil Marketing Companies cites international market prices and cedi pressure- but what impact will this have?
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