Ghanaian consumers will likely face another significant fuel price surge starting August 1, according to the Chamber of Petroleum Consumers (COPEC). The advocacy group projects substantial increases across petrol, diesel, and Liquefied Petroleum Gas (LPG) prices.
COPEC's latest market analysis indicates that rising global crude oil prices and pressure on the Ghana cedi are the primary factors behind these anticipated hikes. These elements are expected to drive up prices at fuel stations during the first pricing window of August 2026.
This impending price adjustment fits into a broader trend of economic volatility in Ghana. The country has grappled with inflationary pressures and currency depreciation for several months. Fuel prices, a critical component of the consumer price index, directly impact transportation costs and the overall cost of living for many Ghanaians.
COPEC reported that crude oil prices climbed from $71.90 per barrel to $88.62 per barrel during the review period. The Ghana cedi also experienced a marginal depreciation against the US dollar, moving from GHS 11.4970 to GHS 11.6593. These movements directly influence the cost of imported petroleum products.
Petrol prices are expected to see a notable increase. COPEC projects an average retail price of GHS 15.95 per litre. This represents a 9.36% increase over the current average price of GHS 14.59 per litre. Consumers could pay between GHS 15.16 and GHS 16.75 per litre for petrol.
Diesel prices are anticipated to experience an even steeper rise. Its Free On Board (FOB) price jumped by 24.84%, moving from $974.40 per metric tonne to $1,216.45 per metric tonne. COPEC estimates diesel could rise to GHS 19.45 per litre, an increase of 10.78% from the current mean price of GHS 17.76 per litre. The possible range for diesel prices is GHS 18.48 to GHS 20.92 per litre.
LPG prices are also projected to increase. This follows a 12.24% rise in its international FOB price, from $545.65 per metric tonne to $612.45 per metric tonne. COPEC projects that LPG could sell at GHS 13.80 per kilogramme. Prices are expected to fall between GHS 13.11 and GHS 14.49 per kilogramme.
The petroleum consumer advocacy group has urged the government to intervene urgently. This intervention aims to protect consumers from the impact of these steep anticipated price increases. COPEC warned that without intervention, the new prices could further increase financial pressure on households and businesses. Many are already facing high operating costs due to existing economic challenges.
The government's response to COPEC's call for intervention will be crucial. Policymakers will need to weigh the economic impact on consumers against the fiscal implications of any subsidies or tax adjustments. The trajectory of global crude oil prices and the stability of the Ghana cedi will remain key indicators to watch in the coming weeks.