Petrol Prices to Drop 8.23% in Ghana While LPG Sees 21% Increase

The Chamber of Oil Marketing Companies (COMAC) has projected that petrol prices in Ghana will decrease by 8.23% starting from November 16. This reduction is attributed to a drop in international refined fuel prices. According to COMAC, petrol could sell at GH¢15.62 per litre following the expected reduction. The decrease in petrol prices is a welcome relief for consumers, who have seen prices fluctuate significantly over the past few months.

In contrast to the decrease in petrol prices, liquefied petroleum gas (LPG) prices are expected to increase by 21.10% per kilogram during the second pricing window of November. COMAC attributes the projected increase in LPG prices to higher international prices recorded in the previous pricing window, which are yet to be fully reflected in the domestic market. The expected increase in LPG prices could see the commodity selling at GH¢23.17 per kilogram.

The expected reductions in petrol and diesel prices are largely driven by a fall in international refined fuel prices, according to COMAC. Crude oil prices dropped by 16.14% to US$104.25 per barrel during the review period, the first significant decline since August 2026. This decline is attributed to reduced geopolitical tensions, hopes of de-escalation in the Middle East, and an increase in OPEC+ output to 41.23 million barrels per day.

Some oil marketing companies have already reduced their petrol and diesel prices ahead of the November 16 pricing window. Star Oil is currently selling petrol at GH¢15.55 per litre and diesel at GH¢18.37. Allied is selling petrol at GH¢15.50 per litre, while diesel goes for GH¢18.20. JP has also reduced its petrol price from GH¢16.43 to GH¢15.95 and its diesel price from GH¢18.97 to GH¢18.35.

The National Petroleum Authority (NPA) has set minimum price floors of GH¢13.69 per litre for petrol and GH¢16.73 per litre for diesel for the November 16 pricing window. These figures are minimum benchmarks, not final retail prices. According to the NPA, they exclude premiums charged by International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, and margins charged by Oil Marketing Companies and LPG Marketing Companies.

The government-industry intervention to cushion diesel consumers against rising costs remains in place. The cedi's depreciation slowed to 0.15% between October 28 and November 11, helping to reduce pressure on fuel prices from exchange rate movements. This slowdown in depreciation is expected to have a positive impact on fuel prices in the coming weeks.

Fuel prices in Ghana are reviewed on the first and 16th of every month. The current prices at some stations mean petrol is already selling below COMAC's projected price of GH¢15.62 per litre. The actual pump prices will depend on the decisions of individual oil marketing companies.

Key points

• Petrol prices in Ghana are expected to drop by 8.23% from November 16.
• LPG prices are projected to increase by 21.10% per kilogram during the second pricing window of November.
• The expected reductions in petrol and diesel prices are driven by a fall in international refined fuel prices.