The Chamber of Petroleum Consumers (COPEC) has projected an increase in petrol and diesel prices in Ghana during the next fuel pricing window in October 2026.
According to COPEC, the price of petrol could rise from the current average of GH¢16.90 per litre to GH¢17.78 per litre, while diesel prices are projected to increase from GH¢18.24 to GH¢22.42 per litre.
The projections were contained in a statement issued by the petroleum consumers’ group.
Petrol Price Expected to Rise by 5.21%
COPEC attributed the projected increase in petrol prices to higher international Free on Board (FOB) prices and depreciation of the Ghana cedi.
The organisation said the FOB price of petrol increased from $1,251.07 per metric tonne to $1,304.39, representing a 4.26% increase. Combined with an estimated 1.20% depreciation of the Ghana cedi, COPEC calculated a projected retail price of GH¢17.78 per litre, representing a 5.21% increase.
Based on its projection range, petrol could sell between approximately GH¢16.89 and GH¢18.67 per litre during the next pricing window.
Diesel Price Could Increase by More Than 20%
COPEC also expects a significant increase in diesel prices, citing a sharp rise in international diesel prices.
The group said the FOB price of diesel increased from $1,404.73 per metric tonne to $1,524.22, an increase of about 8.51%. Together with the 1.20% depreciation of the cedi, the projected retail price of diesel was calculated at GH¢22.42 per litre.
This represents a projected 22.91% increase from the current average price of GH¢18.24 per litre.
The development could increase transportation and operating costs for businesses and consumers, particularly because diesel is widely used in commercial transport and industrial activities.
COPEC Calls for Action at Tema Oil Refinery
To help reduce the impact of rising fuel prices in Ghana, COPEC has appealed to the government to accelerate expansion works at the Tema Oil Refinery (TOR).
The organisation wants TOR’s refining capacity increased from the current 45,000 barrels per day to 100,000 barrels per day.
COPEC believes increasing domestic refining capacity could help Ghana reduce its dependence on imported petroleum products and improve energy security.
The petroleum consumers’ group has also appealed to Oil Marketing Companies (OMCs) to consider reducing or absorbing part of their margins to cushion consumers against the expected increase in fuel prices.
The projected changes are expected to put renewed focus on petrol prices, diesel prices, crude oil prices, exchange rates and Ghana’s petroleum market as consumers prepare for the next fuel pricing window.
Source: newsthemegh.com