Josiah
Fuel prices are expected to rise sharply from Saturday, August 1, 2026, as a surge in global crude oil prices and a depreciation of the Ghana cedi increase the cost of petroleum products at the pumps.
The Chamber of Petroleum Consumers (COPEC) says its latest market assessment indicates that petrol, diesel and liquefied petroleum gas (LPG) prices are likely to record significant increases during the first pricing window of August.
In a statement issued on Wednesday, July 29, and made available to Metro TV, COPEC said petroleum prices are expected to “see some significant increments across the pumps” from August 1, 2026.
The chamber attributed the anticipated price hikes mainly to rising international crude oil prices and a slight weakening of the cedi against the US dollar.
COPEC noted that crude oil prices increased from $71.90 per barrel to $88.62 per barrel, while the cedi depreciated by about 1.4%, with the interbank exchange rate moving from GH¢11.4970 to GH¢11.6593 per dollar within the current pricing period.
For petrol, COPEC said the international Free on Board (FOB) price increased by 12.58%, rising from $970.63 per metric tonne to $1,092 per metric tonne.
The chamber projects that the average retail price of petrol will increase to GH¢15.95 per litre, representing a 9.36% rise from the current average price of GH¢14.59 per litre.
It added that petrol prices could range between GH¢15.16 and GH¢16.75 per litre, depending on pricing decisions by oil marketing companies.
Diesel is expected to record the highest increase, following a 24.84% jump in its FOB price from $974.40 per metric tonne to $1,216.45 per metric tonne.
COPEC forecasts that diesel prices will rise to an average of GH¢19.45 per litre, compared to the current average of GH¢17.76 per litre, representing a 10.78% increase.
The chamber estimates that diesel could sell between GH¢18.48 and GH¢20.92 per litre across different fuel stations.
LPG prices are also expected to rise after the product’s international FOB price increased by 12.24%, moving from $545.65 per metric tonne to $612.45 per metric tonne.
COPEC projects that LPG will sell at an average retail price of GH¢13.80 per kilogram, with expected prices ranging between GH¢13.11 and GH¢14.49 per kilogram.
The chamber has appealed to government to urgently consider measures to cushion consumers from the impact of the expected fuel price increases.
COPEC said intervention would be necessary to reduce the burden on households and businesses as the new prices take effect.
