The Chamber of Oil Marketing Companies (COMAC) has released its latest pricing outlook, indicating that prices of petroleum products will see marginal increases at the pump starting October 1, 2026. According to COMAC data, petrol prices could increase by up to 3.31%, potentially pushing the price to about GH¢17.91 per litre. This increase is attributed to rising crude oil and refined petroleum product prices on the international market, coupled with depreciation of the cedi.
Diesel prices are also expected to increase by 3.32% to 5.60%, with the price potentially reaching GH¢19.60 per litre. Liquefied Petroleum Gas (LPG) prices are projected to increase by about 2.25%, with the price expected to be approximately GH¢17.06 per kilogram. COMAC attributed the expected increases to the rising crude oil prices, which increased by 19.42% to US$124.20 per barrel for the October 1 pricing window.
The National Petroleum Authority (NPA) has increased the price floors for petroleum products for the first pricing window of October. Market data shows that the price floor for petrol has increased from GH¢16.00 to GH¢16.45 per litre. The floor for diesel has also increased from GH¢16.77 to GH¢17.97 per litre. For LPG, the price floor has moved from GH¢10.97 to GH¢11.10 per kilogram.
The performance of the cedi is another factor expected to influence pump prices. COMAC said the local currency depreciated by 1.27% to GH¢11.6321 to US$1, based on average bank rates between September 12 and 26, 2026. This represents a gradual reversal of the cedi’s strong performance in the first quarter, with the currency recording a 6.12% depreciation in the third quarter of 2026.
International oil prices had edged higher as strong demand for physical crude offset easing supply disruptions in the Middle East and signs of progress towards reopening the Strait of Hormuz. However, repeated setbacks have kept traders cautious, amid conflicting signals over a possible US-Iran ceasefire and reports that Iranian officials doubt an agreement will be reached before the US midterm elections in November.
The Russia-Ukraine war and uncertainty surrounding measures by the United States to contain rising fuel prices are also adding pressure on diesel prices. The NPA’s price floors do not include premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), or the margins of Oil Marketing Companies and LPG Marketing Companies.
The expected fuel price increases will likely affect consumers and businesses in Ghana. Petrol, diesel, and LPG prices are expected to rise due to international market trends and the cedi's depreciation.
Key points
- Fuel prices in Ghana are expected to increase starting October 1, 2026.
- The price of diesel could reach GH¢19.60 per litre.
- The cedi's depreciation and international oil prices are contributing factors to the expected price increases.
