Motorists and consumers should prepare to pay more for petroleum products from Friday, August 1, as rising global crude oil prices and the depreciation of the Ghana cedi are expected to drive up fuel prices across the country.
According to the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC) for the August 1 to August 15, 2026 pricing window, petrol, diesel and Liquefied Petroleum Gas (LPG) are all projected to record significant price increases.
Petrol is expected to increase by 7.58%, pushing the average pump price to about GH¢15.23 per litre.
Diesel is projected to record the sharpest increase, rising by 12.50% to approximately GH¢17.45 per litre, while LPG is expected to increase by 4.13% to around GH¢16.40 per kilogram.
Some industry analysts, however, believe the increases may be less noticeable for many consumers, as several Oil Marketing Companies (OMCs) have already adjusted their pump prices upward in recent weeks.
NPA Revises Fuel Price Floors
Ahead of the new pricing window, the National Petroleum Authority (NPA) announced revised minimum price floors for petroleum products.
The new price floor for diesel has been increased from GH¢14.35 to GH¢16.97 per litre, while petrol’s minimum price has risen from GH¢13.28 to GH¢14.53 per litre.
For LPG, the approved minimum price is now GH¢11.06 per kilogram.
The NPA has directed all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) not to sell petroleum products below the approved price floors, despite competition within the downstream petroleum sector.
Global Oil Prices and Weaker Cedi Drive Increase
COMAC attributed the projected price hikes to a sharp increase in global crude oil prices, higher international prices for refined petroleum products and the weakening of the Ghana cedi against the US dollar.
According to the Chamber, average crude oil prices rose by 23.25% during the review period, climbing from US$71.90 to US$88.62 per barrel.
Prices of refined petroleum products also recorded significant increases, with diesel rising by 24.84%, petrol by 12.58% and LPG by 12.24%.
The Chamber said the surge in crude oil prices has been fuelled by heightened geopolitical tensions, particularly developments involving the United States and Iran, as well as continued uncertainty over the Strait of Hormuz, one of the world’s busiest oil shipping routes.
While optimism surrounding a possible peace agreement briefly eased market concerns, COMAC said Iran’s rejection of Oman’s shared-control proposal, renewed attacks on oil tankers and ongoing shipping restrictions have continued to keep global oil prices elevated.
In addition, the Chamber noted that the cedi depreciated by 1.41% during the review period, with the exchange rate moving from GH¢11.4970 to GH¢11.6593 to the US dollar. The weaker local currency has further increased the cost of importing petroleum products, contributing to the expected rise in pump prices.
