Fuel prices in Ghana showed mixed movements in May 2026, as global oil market shocks gradually filtered into domestic pricing, according to the Ghana Statistical Service.

Government Statistician Dr. Alhassan Iddrisu explained that earlier global developments had contributed to fluctuations in petroleum prices.

“Following geopolitical tensions and rising global crude oil prices, we began to see transmission into local fuel prices,” he said.

He noted that petrol, which had been 2.5% cheaper year-on-year in May 2025, has seen its discount narrow significantly in recent months.

“The shift is clear. The year-on-year petrol discount narrowed from -9.3% in April to -2.5% in May,” he explained.

Diesel followed a similar trajectory, moving from 1.3% to 6.2% year-on-year.

However, monthly pressures eased considerably. Petrol prices increased by just 0.4% in May, while diesel rose by only 0.3%, compared with sharper increases in April.

Transport fares, meanwhile, remained subdued despite fuel movements. Taxi fares declined by 4.9% year-on-year, while bus and truck fares fell by 6.6%.

“Transport fares adjust with a delay rather than moving day to day,” Dr. Iddrisu noted.

He added that policy measures, including the suspension and partial withdrawal of selected petroleum levies, have also influenced price stability.

While fuel costs have begun to stabilise, analysts caution that delayed adjustments in transport fares could affect inflation dynamics in the coming months.