Ghana Fuel Prices: Petrol and Diesel to Fall on October 16 as LPG Jumps 18.5 Percent

• The Chamber of Oil Marketing Companies released its pricing outlook for the October 16, 2026 pricing window
• Petrol and diesel prices are set to fall marginally, while liquefied petroleum gas could rise sharply per kilogram
• The National Petroleum Authority has also revised the minimum price floors for all three fuel types

Petrol and diesel prices at Ghanaian pumps are expected to dip slightly from Friday, October 16, 2026, while liquefied petroleum gas (LPG) could surge by 18.5% per kilogram, according to the Chamber of Oil Marketing Companies' pricing outlook for the upcoming pricing window.

The Chamber projected petrol would fall by nearly 2% to GH¢17.67 per litre, while diesel could decline by 3.32% to GH¢19.30 per litre. LPG, by contrast, is forecast to climb to GH¢20.60 per kilogram.

Joy News reported that the Chamber linked the projected movements to a combination of international market developments and recent government intervention.

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Average crude oil prices rose by 2.03% to US$126.73 per barrel for the October 16 window, driven partly by renewed supply concerns after Ukraine questioned a proposed US-backed energy ceasefire and Saudi Arabia came under fresh attacks amid its ongoing conflict with Iran.

Refined petroleum product prices, however, moved in different directions. LPG prices rose by 7.77% on the international market, while diesel fell by 6.68% and petrol dropped by 3.93%.

Currency pressure added further complexity to the picture. The Ghana cedi weakened by 1.61% against the US dollar, settling at an average of GH¢11.8222 to the dollar based on bank rates recorded between September 26 and October 11, 2026.

The Chamber noted the cedi had lost more than 11% of its value against the dollar since the start of the year, with seasonal import demand and elevated energy costs continuing to weigh on the currency.

During the October 1 pricing window, most oil marketing companies held their prices steady, supported by a GH¢2 levy on diesel and a government move that saw Tema Oil Refinery and Sentuo Oil supply refined products to companies at previous prices.

NPA Revises Fuel Price Floors

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The National Petroleum Authority (NPA) separately adjusted the minimum price floors for the October 16 window.

The petrol floor dropped from GH¢16.45 to GH¢16.09 per litre, while the diesel floor fell from GH¢17.97 to GH¢17.09 per litre. The LPG floor, however, rose from GH¢11.10 to GH¢13.87 per kilogram.

The NPA clarified that these floors exclude premiums from International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, and charges applied by Oil Marketing Companies and LPG Marketing Companies.

Those additional costs will be set independently by each company in line with the prescribed Petroleum Products Pricing Formula.

Source: YEN.com.gh