Ghanaian consumers will face higher fuel costs starting August 1, with diesel prices projected to increase by 12.50% to approximately GHS 17.45 per litre. This sharp rise is a direct consequence of surging global crude oil prices and the continued depreciation of the Ghana cedi against the US dollar.
The Chamber of Oil Marketing Companies (COMAC) released its latest pricing outlook, covering the August 1 to August 15, 2026, period. This report indicates that all three major petroleum products will see significant price adjustments. Petrol is expected to climb by 7.58% to about GHS 15.23 per litre, while Liquefied Petroleum Gas (LPG) will increase by 4.13% to around GHS 16.40 per kilogram.
These price hikes fit into a broader trend of economic pressures in Ghana, where global commodity price volatility and currency fluctuations heavily influence domestic costs. The cedi's performance against major international currencies, particularly the US dollar, remains a critical factor in the cost of imported goods, including petroleum products. This situation often leads to inflationary pressures across the economy, affecting household budgets and business operating costs.
COMAC attributes the projected increases primarily to a 23.25% surge in average global crude oil prices. Refined petroleum products also saw substantial gains, with diesel rising by 24.84%, petrol by 12.58%, and LPG by 12.24%. Average crude oil prices climbed from US$71.90 to US$88.62 per barrel during the review period. Geopolitical tensions, particularly the US-Iran conflict and uncertainty surrounding the Strait of Hormuz, have sustained these elevated crude prices.
The cedi's depreciation further exacerbates the situation. For the August 1 pricing window, the exchange rate moved from GHS 11.4970 to GHS 11.6593 per US dollar, representing a 1.41% depreciation. This makes importing petroleum products more expensive for Oil Marketing Companies (OMCs). The National Petroleum Authority (NPA) has also adjusted price floors, with diesel's floor rising from GHS 14.35 to GHS 16.97 per litre and petrol's from GHS 13.28 to GHS 14.53 per litre. LPG's approved price floor is now GHS 11.06 per kilogram. These new minimums ensure OMCs cannot sell below the approved levels, even amid intense competition.
The immediate implication of these price increases is a higher cost of living for Ghanaians, particularly for transport and energy. Businesses reliant on fuel, such as transportation companies and manufacturers, will likely pass on increased costs to consumers, potentially fueling inflation. Decision-makers will closely monitor the impact on the Consumer Price Index and the broader economic stability. The government may face renewed calls for interventions to cushion the impact on citizens, though fiscal space remains constrained. The ongoing geopolitical situation and the cedi's stability will be key factors to watch in the coming weeks.