Diesel prices projected to rise 22.91%, petrol 5.21% – COPEC

The Chamber of Petroleum Consumers (COPEC) has projected significant increases in petrol and diesel prices for the first petroleum pricing window of October 2026, beginning Thursday, October 1.

According to COPEC, petrol prices are expected to rise by 5.21%, while diesel prices could increase by 22.91%, driven mainly by higher international petroleum prices and a marginal depreciation of the Ghana cedi against the US dollar.

In a statement issued on Tuesday, September 29, and signed by its Executive Secretary, Duncan Amoah, COPEC projected the average retail price of petrol to increase from GH¢16.90 to GH¢17.78 per litre.

Diesel, meanwhile, is expected to rise from GH¢18.24 to GH¢22.42 per litre.

The Chamber also projected an increase in the price of Liquefied Petroleum Gas (LPG) to GH¢15.68 per kilogramme, following a 9.10% increase in its international Free on Board (FOB) price.

COPEC said the anticipated price increases are largely linked to developments in the international petroleum market.

The Chamber reported that the global crude oil price rose from $103.07 to $124 per barrel during the relevant pricing window.

Over the same period, the Ghana cedi depreciated by approximately 1.20% against the US dollar, with the average interbank exchange rate moving from GH¢11.4830 to GH¢11.6211.

For petrol, COPEC said the international FOB price increased by 4.26%, from $1,251.07 to $1,304.39 per metric tonne.

Based on its projections, petrol could sell between GH¢16.89 and GH¢18.67 per litre, representing a range of plus or minus 5% around the projected price.

Diesel recorded a sharper increase in its international FOB price, rising from $1,404.73 to $1,524.22 per metric tonne, equivalent to an 8.51% increase.

COPEC expects diesel pump prices to range between GH¢19.40 and GH¢21.44 per litre within the same margin.

For LPG, the international FOB price increased from $712.43 to $777.59 per metric tonne, prompting COPEC to project an average retail price of GH¢15.68 per kilogramme.

The Chamber expects LPG prices to range between GH¢14.89 and GH¢16.48 per kilogramme.

COPEC has appealed to Oil Marketing Companies (OMCs) to absorb part of the anticipated increases by reducing or temporarily foregoing some of their margins.

The Chamber said such a move would help cushion consumers from the impact of higher petroleum prices.

COPEC also commended the government for maintaining the supply of crude oil to local refineries and called for an accelerated expansion of the Tema Oil Refinery (TOR).

It urged the government to increase TOR's refining capacity from the current 45,000 barrels per day to 100,000 barrels per day.

According to COPEC, expanding domestic refining capacity would help reduce Ghana's dependence on imported finished petroleum products and strengthen the country's energy security.

The projected increases, if reflected at the pumps from October 1, would place additional pressure on households and businesses, particularly transport operators and other users of diesel and petrol.