Ghana Fuel Prices: Petrol to Increase From July 16, Price Floor Set at GH¢13.28 per litre
- COPEC projected marginal increases in petrol and diesel pump prices when the second pricing window opens on July 16
- The chamber said the anticipated increases are driven by rising international prices for refined petroleum products
- The National Petroleum Authority has also raised price floors for petrol, diesel and LPG for the second July pricing window, reversing recent declines in benchmark prices
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The Chamber of Petroleum Consumers (COPEC) has projected marginal upward adjustments in petrol and diesel pump prices across Ghana when the second pricing window of July takes effect on 16 July 2026.
COPEC said the anticipated increases are driven by rising international prices for refined petroleum products combined with a slight weakening of the cedi against the US dollar, which depreciated by 0.56% over the pricing window.
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The projections come even as global crude oil prices eased, falling from $78 per barrel to $71.9 per barrel during the period. Fuel prices also eased at the begining of July.
However, gains in the prices of refined products at the international level more than offset that decline.
The Free-on-Board (FOB) price for petrol climbed 5.4% from $920.34 per metric tonne to $970.63 per metric tonne.
COPEC now expects petrol to retail between GH¢13.15 and GH¢14.53 per litre, depending on the pricing decisions of individual Oil Marketing Companies (OMCs).
Diesel recorded a steeper increase, with its international FOB price rising 8.75% from $896.02 per metric tonne to $974.40 per metric tonne. Retail diesel prices are expected to range between GH¢14.16 and GH¢15.65 per litre.
LPG, however, is bucking the trend. Its international FOB price dipped 0.52% from $548.50 per metric tonne to $545.65 per metric tonne, with COPEC projecting retail prices to fall between GH¢9.47 and GH¢10.46 per kilogram.
Despite the upward projections for petrol and diesel, COPEC urged OMCs to show restraint and hold pump prices steady where circumstances allow.
National Petroleum Authority raises price floors
Fresh figures from the National Petroleum Authority (NPA) confirm that price floors have been revised upward for the second July pricing window across all three fuel products.
The petrol price floor has been adjusted to GH¢13.28 per litre, up from GH¢12.79 per litre in the first window, an increase of GH¢0.49 or 3.8%. The diesel price floor has risen more sharply, moving from GH¢13.54 per litre to GH¢14.35 per litre, a GH¢0.81 or 6.0% increase. The LPG price floor edged up from GH¢10.11 per kilogram to GH¢10.19 per kilogram, a modest GH¢0.08 or 0.8% adjustment.
The upward revisions mark a reversal of the recent run of declining price floors, as the NPA recalibrates its benchmarks in response to prevailing market conditions.
Renewed tensions in the Middle East involving the United States and Iran have pushed international crude prices higher, with Brent crude crossing above $80 per barrel.
Analysts have cautioned that a sustained rise in global crude prices could intensify pressure on ex-pump fuel prices in Ghana, with the trajectory of the local currency also a key variable to watch in the coming weeks.
Effect of Iran war on fuel supply
Fuel prices saw sustained increases in the wake of the US war on Iran. Iran effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.
Source: Original
The fuel price hike was being passed on to other services that Ghanaians depend on.
For example, the Ghana Private Road Transport Union had threatened to hike transport fares because of the increase in fuel prices. Increased transport fares also translate to increased fuel prices.
Following increased volatility on the international petroleum market, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.
Source: YEN.com.gh
