Petrol prices in Ghana could witness a reduction during the second half of November 2026 if the recent decline in international crude oil prices is sustained, the Chamber of Petroleum Consumers (COPEC) has projected.
COPEC Executive Secretary, Duncan Amoah, says the significant drop in global crude oil prices could translate into lower fuel prices at the pumps, particularly for petrol, during the next petroleum pricing window.
Speaking on Citi FM’s Eyewitness News on Thursday, November 5, Amoah disclosed that crude oil prices had fallen by approximately 12% to 14% within 48 hours.
He explained that the development could provide some relief to Ghanaian motorists and households struggling with fuel costs, provided the decline in international oil prices continues.
According to him, refined petroleum product prices usually take between six and seven days to respond to changes in crude oil prices on the international market.
COPEC therefore expects petrol prices to decline during the second pricing window of November, which begins on Monday, November 16.
November 16 Fuel Pricing Window Could Bring Petrol Price Reduction
Under the National Petroleum Authority’s (NPA) Petroleum Products Pricing Guidelines, the second pricing window for November begins on November 16.
The pricing framework requires the average free-on-board prices of petroleum products between October 27 and November 11 to be used in determining the applicable minimum price floors for the period.
This means the recent decline in crude oil prices could influence the November 16 pricing window, provided lower international prices are reflected in refined petroleum products before the assessment period closes.
However, changes in crude oil prices do not immediately translate into lower petrol prices because refined products respond to movements in the international market with a time lag.
Any reduction in refined petroleum prices occurring after November 11 may instead be reflected in the first pricing window of December.
Amoah has expressed optimism that motorists could benefit from cheaper petrol if the downward trend in international oil prices continues.
Oil Marketing Companies Determine Pump Prices in Ghana
Ghana operates a deregulated petroleum pricing system, allowing Oil Marketing Companies (OMCs) to independently determine the prices at which they sell petrol and diesel to consumers.
However, companies are required to comply with the minimum price floors established by the National Petroleum Authority for each pricing window.
The NPA has not yet announced the applicable minimum price floors for the November 16 to 30 pricing period.
Under the pricing guidelines, OMCs must notify the NPA of proposed changes to their pump prices by noon on the working day before the new prices take effect.
For price adjustments scheduled to begin on Monday, November 16, the notification deadline is Friday, November 13.
During the first half of November, Star Oil reduced its petrol price from GH¢16.45 to GH¢16.38 per litre but increased diesel prices from GH¢17.95 to GH¢18.45 per litre.
The NPA’s minimum price floors for the same period were GH¢15.39 per litre for petrol and GH¢17.41 per litre for diesel.
These minimum prices do not include all the additional costs and margins charged by importers, bulk distribution companies and oil marketing companies. Consequently, fuel prices may differ across filling stations even within the same pricing window.
Government Absorbs More Than GH¢2 Billion in Fuel Costs
Meanwhile, NPA Chief Executive Officer Godwin Kudzo Tameklo has disclosed that the government has absorbed slightly more than GH¢2 billion to cushion petroleum consumers against increases in international fuel prices.
Speaking on the same Citi FM programme, Tameklo said the intervention was intended to prevent the full impact of rising global petroleum prices from being transferred to consumers in Ghana.
He also attributed improved access to foreign exchange for companies importing refined petroleum products partly to interventions by the Ghana Gold Board (GoldBod) and the Bank of Ghana.
According to him, these institutions have contributed to strengthening Ghana’s foreign exchange reserves and improving the availability of dollars needed for petroleum imports.
Tameklo further disclosed that following an October meeting convened by Energy Minister Dr John Abdulai Jinapor, Sentuo Oil Refinery and Tema Oil Refinery agreed to maintain the prices charged to bulk distribution companies at their pre-meeting levels.
COPEC Predicts Smaller Reduction in Diesel Prices
Although petrol prices could decline during the second half of November, Amoah does not expect diesel prices to experience a similar reduction.
He explained that seasonal demand for diesel increases during colder months in Europe, Asia and the Americas, particularly because of its use for heating.
The increased international demand could therefore limit the extent to which diesel prices fall, even if crude oil prices continue to decline.
GH¢1 Diesel Levy Suspension to End in November
Another development expected to influence petroleum prices is the government’s temporary suspension of the GH¢1 Energy Sector Shortfall and Debt Repayment Levy on diesel.
The additional levy, introduced under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), was suspended from October 1 to November 30, 2026.
However, other petroleum-related levies under the Energy Sector Levies Act, 2015 (Act 899), remain in force.
The government is expected to communicate further directives to the Ghana Revenue Authority regarding the levy after November 30. The temporary suspension does not amount to the permanent abolition of the GH¢1 charge.
NPA Chief Executive Godwin Kudzo Tameklo confirmed the government’s decision, explaining that the Finance Minister had approved the temporary relief for October and November.
Minority Demands Permanent Abolition of GH¢1 Fuel Levy
Deputy Ranking Member of Parliament’s Energy Committee and Member of Parliament for Afigya Kwabre East, Collins Adomako-Mensah, has criticised the temporary suspension of the GH¢1 diesel levy.
He argued that the Minority’s position is that the charge should be permanently abolished rather than temporarily suspended.
According to him, suspending the levy for two months only postpones the financial burden on petroleum consumers, as the charge could return after the suspension period expires.
Adomako-Mensah also questioned the government’s approach to financing the energy sector, arguing that linking the levy to a cost component outside the government’s direct control could expose consumers to additional financial pressure when energy sector costs increase.
COPEC Warns Global Oil Prices Could Rise Again
Despite the possibility of cheaper petrol in November, Amoah has cautioned that the recent decline in international crude oil prices may not be permanent.
He pointed to geopolitical tensions involving the United States and Iran, particularly developments surrounding the strategically important Strait of Hormuz, as potential factors that could trigger another increase in global oil prices.
The COPEC executive secretary is therefore urging oil marketing companies and bulk distribution companies to ensure that any reductions in international petroleum prices are reflected in local pump prices.
He stressed that Ghanaian consumers should benefit from lower international fuel costs whenever market conditions allow.
Fuel Transportation Costs Could Affect Petrol Prices
Beyond crude oil prices, other operational expenses also influence the final prices consumers pay at fuel stations.
Research by the Centre for Environmental Management and Sustainable Energy (CEMSE) indicates that delays in discharging petroleum vessels have added as much as 60 pesewas per litre to fuel costs in 2026.
Such additional expenses, alongside import costs, exchange rate movements, taxes and industry margins, could affect the extent to which international oil price reductions translate into cheaper petrol and diesel in Ghana.
For now, motorists will be watching the November 16 petroleum pricing window to determine whether the recent fall in global crude oil prices will result in lower fuel prices across the country.
Source: newsthemegh.com