COPEC Projects 5.21% Petrol and 22.91% Diesel Price Increases From October 1
- The Chamber of Petroleum Consumers projected significant fuel price increases for the first pricing window of October 2026
- COPEC attributed the expected rises to higher international crude oil prices and a depreciation of the Ghana cedi against the US dollar
- The chamber urged Oil Marketing Companies to absorb part of the increases and called on the government to expand the Tema Oil Refinery
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The Chamber of Petroleum Consumers (COPEC) has projected that Ghanaians will pay more at the pump from Thursday, October 1, 2026, with petrol prices expected to rise by 5.21% and diesel by as much as 22.91%.
The projections were contained in a statement released on Tuesday, September 29, signed by COPEC Executive Secretary Duncan Amoah. The chamber attributed the anticipated increases to a significant climb in international petroleum prices and a marginal weakening of the Ghana cedi.
According to COPEC, the average retail price of petrol is expected to move from GH¢16.90 to GH¢17.78 per litre, while diesel could climb sharply from GH¢18.24 to GH¢22.42 per litre. Liquefied Petroleum Gas (LPG) is also projected to rise to GH¢15.68 per kilogramme, following a 9.10% increase in its international Free on Board (FOB) price.
On the global market, crude oil prices rose from $103.07 to $124 per barrel over the pricing window under review. The cedi also lost ground against the US dollar by approximately 1.20%, with the average interbank rate shifting from GH¢11.4830 to GH¢11.6211.
For petrol specifically, the FOB price rose 4.26% from $1,251.07 to $1,304.39 per metric tonne, with pump prices expected to fall within a range of GH¢16.89 to GH¢18.67 per litre.
Diesel's FOB price recorded an 8.51% jump, climbing from $1,404.73 to $1,524.22 per metric tonne, placing projected pump prices between GH¢19.40 and GH¢21.44 per litre. LPG's FOB price rose from $712.43 to $777.59 per metric tonne, with retail prices expected to range from GH¢14.89 to GH¢16.48 per kilogramme.
COPEC Calls on OMCs and Government to Act
In its statement, COPEC appealed to Oil Marketing Companies (OMCs) to consider absorbing a portion of the increases by reducing their margins, in order to ease the financial pressure on consumers.
The chamber also praised the government for maintaining a consistent crude oil supply to local refineries. It used the opportunity to push for an accelerated expansion of the Tema Oil Refinery (TOR), urging authorities to increase its refining capacity from the current 45,000 barrels per day to 100,000 barrels per day.
COPEC argued that boosting domestic refining capacity would reduce Ghana's dependence on imported finished petroleum products, which are more vulnerable to global price swings and currency fluctuations.
Source: YEN.com.gh
