The Chamber of Petroleum Consumers (COPEC) in Ghana has projected a significant increase in fuel prices effective October 1, 2026. According to COPEC, diesel prices are expected to rise by 22.91% from GH¢18.24 to GH¢22.42 per litre, while petrol prices are projected to increase by 5.21% from GH¢16.90 to GH¢17.78 per litre. This anticipated hike is attributed to a rise in international petroleum prices and a slight depreciation of the Ghana cedi against the US dollar.
COPEC's Executive Secretary, Duncan Amoah, stated that the price of crude oil rose from $103.07 to $124 per barrel during the pricing window. Additionally, the cedi depreciated by about 1.20% against the dollar, moving from an average interbank rate of GH¢11.4830 to GH¢11.6211. These changes have contributed to the projected increase in fuel prices.
The international FOB price of petrol increased by 4.26%, from $1,251.07 to $1,304.39 per metric tonne. As a result, COPEC projects petrol prices to range between GH¢16.89 and GH¢18.67 per litre. Similarly, diesel's FOB price increased by 8.51%, from $1,404.73 to $1,524.22 per metric tonne, with pump prices expected to range between GH¢19.40 and GH¢21.44 per litre.
LPG prices are also expected to increase, with its international FOB price rising from $712.43 to $777.59 per metric tonne. COPEC projects LPG prices to range between GH¢14.89 and GH¢16.48 per kilogramme, with an expected price of GH¢15.68 per kilogramme. This increase in LPG prices may affect consumers who rely on it for cooking and other purposes.
In light of the projected price increases, COPEC is appealing to Oil Marketing Companies to absorb part of the expected increases by reducing some of their margins. This, according to COPEC, will help lessen the impact on consumers. The Chamber believes that reducing margins can help mitigate the effects of the price hike.
COPEC has also called for an expansion of the Tema Oil Refinery, urging the government to increase its refining capacity from 45,000 barrels per day to 100,000 barrels per day. According to COPEC, increasing local refining capacity could help Ghana reduce its dependence on imported finished petroleum products. This move could potentially lead to more stable fuel prices in the long run.
The projected increase in fuel prices may have a significant impact on the Ghanaian economy, particularly on consumers who rely heavily on petrol and diesel for transportation and other purposes. COPEC's projections are based on current trends in international petroleum prices and the exchange rate between the Ghana cedi and the US dollar.
Key points
- COPEC projects diesel prices to rise by 22.91% and petrol prices by 5.21% from October 1, 2026.
- The price increase is attributed to a rise in international petroleum prices and a slight depreciation of the Ghana cedi against the US dollar.
- COPEC is urging Oil Marketing Companies to reduce their margins to lessen the impact on consumers.
