The Chamber of Petroleum Consumers (COPEC) has projected a significant increase in fuel prices from Thursday, October 1, 2026, with diesel expected to record the highest increase of 22.91%.
According to COPEC, diesel is projected to rise from a current mean price of GH¢18.24 per litre to GH¢22.42 per litre in the first pricing window of October.
Petrol is also projected to increase by 5.21%, from a current mean price of GH¢16.90 per litre to GH¢17.78 per litre.
COPEC attributed the projected increase to a sharp rise in international fuel prices and a marginal depreciation of the cedi against the US dollar.
COPEC said the projections were influenced by an increase in global crude oil prices from US$103.07 per barrel to US$124 per barrel during the pricing window.
Below are the detailed descriptions.
1. PETROL: FOB price of petrol increased from $1251.07/MT to $1304.39/MT (4.26%). With a currency depreciation of about 1.20%, the retail price of petrol works up to Ghc17.78/L representing 5.21% increase of the current mean price of Ghc16.90/L.
Thus, the retail price of Petrol is expected to be selling between GHS16.89/L and GHS18.67/L, within a ±5% range of COPEC’s projection.
2. DIESEL: The FOB price of diesel increased significantly from 12404.73//MT to $1524.22 (8.51%) and the cedi’s depreciation of 1.20%, the projected retail pump price for diesel in the next window shall work up to Ghc22.42/L representing a 22.91% increase of the current mean price of Ghc18.24/L. Thus, diesel is expected to sell within a range of Ghc19.40/L minimum to Ghc21.44/L maximum within a ±5% range of COPEC’s
3. LPG: With the international FOB price of LPG increasing significantly from 712.43/MT to $777.59/MT (9.10%) and the cedi’s depreciation of about 1.20%, the projected retail price of LPG is expected to increase significantly and sold at Ghs15.68/kg. Thus, within +5% error, LPG is expected to be selling between GHS14.89/kg minimum and GHS16.48/kg maximum.
COPEC commended the government for the continuous supply of crude oil to local refineries, which it said was supporting round-the-clock production.
It, however, urged the government to expedite the expansion of the Tema Oil Refinery (TOR) to increase its refining capacity from the current 45,000 barrels per day to 100,000 barrels per day.
COPEC also appealed to Oil Marketing Companies (OMCs) to consider reducing some of their margins to cushion consumers against the impact of the projected price increases.
