Petrol prices in Ghana will increase by between 4.2% and 6.2% from June 1, pushing the pump price to approximately GHS 15.92 per litre. Liquefied Petroleum Gas (LPG) prices will also rise by up to 2.24%, reaching around GHS 17.30 per kilogram. This comes according to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC).
Conversely, diesel prices are expected to drop by 1.65% to 2.0%, settling at about GHS 17.21 per litre. COMAC attributes these mixed price changes to several factors, including fluctuations in global petroleum prices, the recent depreciation of the Ghana cedi, and ongoing government efforts to mitigate sharp price increases for consumers.
These adjustments reflect broader economic pressures facing Ghana, particularly the impact of international commodity prices and the local currency's stability. Fuel prices are a critical component of the country's economic stability, affecting transportation costs, inflation, and the overall cost of doing business. The Bank of Ghana has been working to manage exchange rate volatility, but external factors continue to influence import-dependent sectors like petroleum.
The Chamber of Oil Marketing Companies (COMAC) stated that joint government-industry pricing support measures, extended since May 16, continue to moderate fuel price adjustments. These interventions aim to cushion consumers from the full impact of global market changes. Under the revised arrangement, direct intervention on petrol prices has been removed, while support for diesel has been reduced to GHS 1.07 per litre.
On the international market, crude oil prices eased slightly in late May. However, refined petrol prices rose by 3%, even as LPG and diesel prices fell by 5.53% and 5.35% respectively. Meanwhile, the Ghana cedi weakened against major trading currencies during the pricing period, increasing the cost of importing fuel. The National Petroleum Authority (NPA) has also set new price floors, preventing oil marketing companies from selling petrol below GHS 15.20 per litre and diesel below GHS 15.49 per litre.
These impending price changes will likely affect household budgets and operational costs for businesses across Ghana. Consumers should prepare for increased expenditure on petrol and LPG, while benefiting slightly from reduced diesel costs. Decision-makers and markets will closely monitor the cedi's performance and global oil price trends in the coming weeks. Continued government interventions or further currency depreciation could lead to additional adjustments in subsequent pricing windows.