Motorists in Ghana will likely pay less for petrol and diesel from October 16, 2026. This comes as Liquefied Petroleum Gas (LPG) users face significantly higher costs. The Chamber of Oil Marketing Companies (COMAC) projects these mixed price movements.
COMAC forecasts a 1.67% reduction in petrol prices. Diesel prices are expected to decline by 3.32% during the second pricing window of October. Petrol is projected to sell at GHS 17.67 per litre, with diesel at GHS 19.30 per litre on a cash-purchase basis. These reductions offer some relief to transport operators and households after previous price increases.
This development fits into Ghana's broader economic landscape, where fuel prices significantly influence inflation and transport costs. The government has implemented interventions to moderate diesel prices, acknowledging their impact on businesses. Stable or falling fuel prices for transport fuels can ease pressure on the cost of goods and services across the economy. This is particularly important for a country heavily reliant on road transport.
The Chamber of Oil Marketing Companies (COMAC) revealed these projections. They noted that actual prices at pumps may vary among Oil Marketing Companies (OMCs). This variation depends on individual operating costs and profit margins. The National Petroleum Authority (NPA) also announced new minimum prices for the period. Petrol's minimum price will drop to GHS 16.09 per litre from GHS 16.45. Diesel's minimum price will fall to GHS 17.09 per litre from GHS 17.97.
Conversely, LPG prices are expected to rise sharply by 18.50% in the same period. COMAC projects LPG will sell at GHS 20.60 per kilogramme on a cash-purchase basis. The NPA's minimum price for LPG will increase from GHS 11.10 to GHS 13.87 per kilogramme. This increase will raise cooking costs for households, restaurants, and other businesses dependent on LPG. This surge follows a 7.77% increase in international LPG prices.
These projected changes stem from mixed movements in international refined petroleum product prices. International LPG prices increased by 7.77%. Meanwhile, international diesel and petrol prices declined by 6.68% and 3.93% respectively. Ghana imports all its refined petroleum products, making international prices a key determinant of local costs. The cedi's depreciation against the US dollar also plays a crucial role.
The local currency lost 1.61% of its value against the dollar during the review period. It traded at an average bank rate of GHS 11.8222 to one dollar between September 26 and October 11, 2026. The cedi has depreciated by over 11% against the dollar since the start of the year. This depreciation limits the benefits of falling international fuel prices. A weaker cedi makes dollar-denominated imports, including fuel, more expensive in local currency terms. Further cedi depreciation could push local fuel prices up, even if international prices continue to fall. This dynamic poses a significant challenge for economic stability and consumer purchasing power. Policymakers will closely monitor the cedi's performance and its impact on imported goods.