…as Petrol and Diesel dip
By Prince Ahenkorah
Petrol and diesel prices are expected to decline at the pumps from Friday, October 16, 2026, while liquefied petroleum gas (LPG) prices could surge by 18.5%, according to the Chamber of Oil Marketing Companies (COMAC).
The Chamber’s pricing outlook for the next pricing window projects petrol prices to fall by nearly 2% to GH¢17.67 per litre, while diesel prices are expected to decline by 3.32% to GH¢19.30 per litre.
LPG consumers, however, face a sharp increase, with prices projected to rise by 18.5% to GH¢20.60 per kilogram.
The anticipated adjustments come amid mixed movements in international petroleum product prices, fluctuations in crude oil prices and continued pressure on the Ghana cedi.
According to the Chamber, average crude oil prices increased by 2.03% to US$126.73 per barrel during the period under review.
The report attributed the increase to renewed supply concerns linked to geopolitical tensions, including uncertainty surrounding a proposed United States-backed energy ceasefire involving Ukraine and fresh attacks on Saudi Arabia amid the war with Iran.
Prices of refined petroleum products recorded contrasting movements on the international market. LPG prices increased by 7.77%, while diesel and petrol prices declined by 6.68% and 3.93%, respectively.
Meanwhile, the Ghana cedi depreciated by 1.61% to GH¢11.8222 to the US dollar, based on average bank rates between September 26 and October 11, 2026.
The Chamber noted that the cedi had lost more than 11% of its value against the dollar so far this year, with seasonal import demand and rising energy costs continuing to exert pressure on the currency.
Despite these developments, the projected reductions in petrol and diesel prices are expected to offer motorists some relief, although LPG consumers could face a significantly higher cost of cooking fuel.
Separately, the National Petroleum Authority (NPA) has reduced the minimum prices of petrol and diesel for the October 16 pricing window, while increasing the minimum price for LPG.
Market data sighted show that the petrol price floor has been reduced from GH¢16.45 to GH¢16.09 per litre.
The diesel price floor has also fallen from GH¢17.97 to GH¢17.09 per litre, while the LPG price floor has increased from GH¢11.10 to GH¢13.87 per kilogram.
The NPA explained that the price floors exclude premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and margins charged by Oil Marketing Companies and LPG Marketing Companies.
These charges will be determined independently by the respective companies in accordance with the prescribed Petroleum Products Pricing Formula.
The projected pump prices may therefore vary across fuel stations depending on their operating costs, margins and pricing decisions.
The October 16 adjustments are expected to bring modest relief to petrol and diesel consumers, while the projected increase in LPG prices could place additional pressure on households and businesses that rely on the fuel for cooking and other activities.