Motorists across Ghana are set to pay more for fuel after several oil marketing companies (OMCs) increased the prices of petrol and diesel in line with industry projections.

Major fuel retailers, including GOIL and Star Oil, have already adjusted their pump prices, with more OMCs expected to follow in the coming days.

MUST READ: COMAC projects higher fuel prices from July 16; petrol to rise by at least 3.79%: See latest prices

Star Oil has increased the price of petrol from GH¢12.79 to GH¢13.67 per litre, while diesel has risen from GH¢14.95 to GH¢16.27 per litre.

Market leader GOIL has also revised its prices, with petrol now selling at GH¢13.88 per litre, up from GH¢12.79. Diesel has increased from GH¢15.35 to GH¢16.30 per litre.

The latest adjustments place both companies above the minimum price thresholds set by the National Petroleum Authority (NPA).

According to the NPA’s pricing guidance, no Oil Marketing Company should sell petrol below GH¢13.38 per litre or diesel below GH¢14.35 per litre during the current pricing window.

Industry sources indicate that additional OMCs are expected to review their prices before the end of the day.

READ ALSO: NPA increases fuel price floors; see latest prices

Earlier projections by the Chamber of Oil Marketing Companies (COMAC) indicated that petrol prices would increase by between 3.79% and 5.31%, with pump prices expected to reach around GH¢14.52 per litre.

Diesel prices were also projected to rise by approximately 7 pesewas per litre, pushing the average pump price to about GH¢16.00 per litre.

Liquefied Petroleum Gas (LPG) is also expected to record a modest increase of between 1.10% and 1.30% per kilogramme.

READ ALSO: 11 African countries among 23 nations under highest US travel warning: Full list

According to COMAC, the latest increase is largely driven by renewed geopolitical tensions in the Middle East, which have pushed up global crude oil and refined petroleum product prices.

The Chamber explained that concerns over supply disruptions and shipping security through the Strait of Hormuz have contributed to the upward movement in international fuel prices.

It also noted that the Ghana cedi weakened slightly during the latest pricing window.

The exchange rate moved from GH¢11.4333 to GH¢11.4970 per US dollar, representing a 0.55% depreciation, which also contributed to higher fuel import costs.

READ MORE: Top 10 most imported goods in Ghana: See what the country spends billions on

International crude oil prices have experienced significant fluctuations in recent weeks.

Although average crude prices initially declined from US$78.12 to US$71.90 per barrel, the market rebounded sharply following reports of renewed tensions in the Middle East.

By July 14, Brent crude had climbed above US$84 per barrel after reports of Iranian missile strikes on two UAE oil tankers, raising fresh concerns over the security of shipping routes through the Strait of Hormuz.

The renewed geopolitical uncertainty has restored a risk premium to the global oil market, reversing much of the earlier decline in crude prices.

Among refined petroleum products, diesel recorded the highest increase at 8.14%, followed by petrol at 4.96%, while LPG prices declined slightly by 0.92% on the international market.

The latest pump price adjustments are expected to increase transportation and business operating costs, with consumers likely to feel the impact in the coming weeks if global oil prices remain elevated.