Motorists and consumers are set to pay more for petroleum products from Friday, August 1, as rising global crude oil prices and the depreciation of the Ghana cedi push up ex-pump prices.
According to the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC), covering the August 1 to August 15, 2026 pricing window, all three major petroleum products are expected to record significant increases.
Petrol is projected to increase by 7.58%, with a litre expected to sell at about GH¢15.23.
Diesel is expected to record the biggest jump during the pricing window, rising by 12.50% to approximately GH¢17.45 per litre.
Liquefied Petroleum Gas (LPG) is also projected to increase by 4.13%, with a kilogram expected to sell at around GH¢16.40.
Some market analysts, however, believe the increases at the pumps may not be as steep for many consumers, as several Oil Marketing Companies (OMCs) have already raised prices in recent weeks.
NPA Sets New Price Floor
Ahead of the new pricing window, the National Petroleum Authority (NPA) has announced revised price floors for petroleum products.
The price floor for diesel has increased from GH¢14.35 to GH¢16.97 per litre.
Petrol’s price floor has also risen from GH¢13.28 to GH¢14.53 per litre.
For LPG, the approved price floor is now GH¢11.06 per kilogram.
In its directive, the NPA reminded all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that they must not sell petroleum products below the approved price floors.
The new benchmark means that despite intense competition among fuel retailers, companies cannot price their products below the NPA’s approved minimum levels.
Why Prices Are Rising
According to COMAC, the projected increases are being driven by a sharp rise in global crude oil prices and higher prices for refined petroleum products.
The Chamber said average crude oil prices increased by 23.25%, while refined petroleum products also recorded substantial gains. Diesel posted the highest increase at 24.84%, followed by petrol at 12.58% and LPG at 12.24%.
Average crude oil prices climbed from US$71.90 to US$88.62 per barrel during the review period.
COMAC attributed the surge to heightened geopolitical tensions, particularly developments surrounding the US-Iran conflict and uncertainty over the reopening of the Strait of Hormuz.
While initial optimism over a possible peace agreement briefly eased prices, Iran’s rejection of Oman’s shared-control proposal, renewed tanker attacks and continued shipping restrictions have sustained geopolitical risks, keeping Brent crude near US$88 per barrel.
The Chamber also cited the cedi’s depreciation as another key factor behind the expected price increases.
For the August 1 pricing window, the exchange rate moved from GH¢11.4970 to GH¢11.6593 per US dollar, representing a 1.41% depreciation, further increasing the cost of importing petroleum products.
