Motorists and households across Ghana should prepare for higher fuel costs from Friday, August 1, as the latest pricing outlook indicates significant increases in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG).
According to the Chamber of Oil Marketing Companies (COMAC), the August 1 to August 15, 2026 pricing window is expected to see all major petroleum products record notable increases, driven by rising global crude oil prices and the depreciation of the Ghana cedi.
Petrol is projected to increase by 7.58%, pushing the expected retail price to about GH¢15.23 per litre.
Diesel is forecast to record the steepest increase, rising by 12.50% to approximately GH¢17.45 per litre, while LPG is expected to increase by 4.13%, with a kilogram selling for around GH¢16.40.
Despite the projected hikes, some industry analysts believe the impact on consumers may be less pronounced, 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) has revised the minimum price floors for petroleum products to reflect prevailing market conditions.
Under the new directive, the price floor for diesel has 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. The approved price floor for LPG has also been set at GH¢11.06 per kilogram.
The NPA has reminded all Oil Marketing Companies and LPG Marketing Companies that they are prohibited from selling petroleum products below the approved price floors, regardless of market competition.
The revised benchmark is intended to ensure fair pricing within the downstream petroleum sector while maintaining industry stability.
Global Market Pressures
COMAC attributed the anticipated price increases primarily to a sharp rise in international crude oil prices and higher costs of refined petroleum products.
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.
Refined petroleum products also recorded significant increases, with diesel leading at 24.84%, followed by petrol at 12.58% and LPG at 12.24%.
The Chamber said escalating geopolitical tensions, particularly developments involving the United States and Iran, as well as uncertainty surrounding the reopening of the Strait of Hormuz, have disrupted global oil markets.
Although hopes of a peace agreement briefly eased market concerns, Iran’s rejection of Oman’s shared-control proposal, renewed attacks on oil tankers and continued shipping restrictions have kept global crude prices elevated.
Weakening Cedi Adds to Pressure
COMAC also cited the depreciation of the Ghana cedi as a major contributor to the expected increase in fuel prices.
During the review period, the exchange rate weakened from GH¢11.4970 to GH¢11.6593 per US dollar, representing a 1.41% depreciation.
The weaker local currency has increased the cost of importing refined petroleum products, further contributing to the expected rise in ex-pump prices.
With the new pricing window taking effect on August 1, motorists, transport operators and businesses are expected to face increased operating costs, raising concerns about possible knock-on effects on transport fares and the prices of goods and services nationwide.
