Starting August 16, 2026, petrol prices at Ghanaian fuel pumps will decrease by up to 2.90%. Conversely, diesel prices will rise by 1.39% during the same period. A kilogramme of Liquefied Petroleum Gas (LPG) will also see a marginal reduction of GHS 0.93.
The Chamber of Oil Marketing Companies (COMAC) attributes these mixed price reviews to several factors. Average crude oil prices increased by 2.02% to US$90.41 per barrel in mid-August 2026. This rise was driven by geopolitical risks and potential supply disruptions around the Strait of Hormuz. The performance of refined petroleum products was also mixed, with diesel recording a 2.86% growth.
This development occurs within a broader context of Ghana's economic landscape. The Ghana cedi depreciated by 1.20% against the US dollar between July 27 and August 11, 2026. However, the cedi has since strengthened, with the Bank of Ghana rate at GHS 10.9855 per US dollar on August 14, 2026. Sustained cedi appreciation could further reduce fuel prices in the future.
COMAC stated that government-industry intervention continues to moderate the full impact of higher diesel prices. This intervention helps shield consumers from the full brunt of international market volatility. The National Petroleum Authority (NPA) has also reduced the Price Floor for the second pricing window of August 2026. The petrol price floor decreased from GHS 14.53 to GHS 13.92 per litre, a 4.1% cut. Diesel's price floor dropped from GHS 16.97 to GHS 15.19, a significant 10.48% reduction. LPG's price floor also saw a slight reduction from GHS 11.06 to GHS 10.98.
The NPA has reminded all industry players, including Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs), not to sell products below the approved price floor. However, some OMCs may choose not to adjust their prices or keep them unchanged. This reflects the varying pricing models across the industry. The mixed price movements highlight ongoing uncertainties from global events like the US-Iran dispute and international crude oil prices.
Consumers should monitor pump prices closely as these adjustments take effect. The government's continued intervention will be crucial in managing fuel cost stability. Further cedi appreciation could provide additional relief for motorists and businesses. The interplay of global crude prices, local currency performance, and regulatory actions will shape future fuel price trends in Ghana. Businesses relying on diesel, such as transport and manufacturing, will face increased operational costs. Households using LPG will benefit from the marginal price reduction. The overall impact on inflation will depend on the relative weight of petrol and diesel consumption.