The Chamber of Petroleum Consumers (COPEC) has projected a reduction in petrol prices and an increase in diesel prices at the pumps from November 1, 2026, under the first pricing window for the month.
COPEC forecast that petrol prices would decrease by 1.71%, while diesel prices are expected to rise by 4.07%. The average retail price of petrol would fall to GHS16.72 per litre from the current average of GHS17.02.
The Free On Board (FOB) price of petrol fell from $1,255.05 per metric tonne to $1,199.16 per metric tonne, representing a 4.45% reduction. Taking into account an estimated 0.6% appreciation of the cedi, COPEC projected that the average retail price of petrol would fall. Diesel, however, is expected to become more expensive during the same period.
The FOB price of diesel increased from $1,414.78 per metric tonne to $1,453.07, representing a 2.71% rise. Despite the cedi’s estimated 0.6% appreciation, the Chamber projects that the average retail price of diesel will increase to GHS19.15 per litre from the current average of GHS18.40.
COPEC said the retail price of petrol is expected to be selling between GHS15.89 per litre and GHS17.57 per litre, within a ±5% range of COPEC’s projection.
COPEC’s projection is based on the FOB price of petrol and diesel, as well as the exchange rate of the cedi. The Chamber’s forecast is subject to change based on various market factors. The expected decrease in petrol prices and increase in diesel prices will affect consumers and businesses in Ghana.
The Bank of Ghana and other stakeholders will be monitoring the situation closely. The expected changes in fuel prices will have implications for the economy, including inflation and consumer spending. The Ghanaian economy is expected to continue growing, with the Bank of Ghana playing a crucial role in maintaining economic stability.