Petrol and diesel prices to drop, LPG to rise sharply from October 16

Petrol and diesel prices are expected to fall in Ghana’s second October pricing window, offering motorists and businesses some relief from rising fuel costs, while liquefied petroleum gas (LPG) prices are projected to record a sharp increase.

The Chamber of Oil Marketing Companies (COMAC), in its latest pricing outlook, forecasts a 1.67% reduction in petrol prices and a 3.32% decline in diesel prices from October 16, 2026.

Based on cash purchases, petrol is projected to sell at GH¢17.67 per litre, while diesel is expected to retail at GH¢19.30 per litre.

The anticipated reductions could lower operating costs for transport operators, businesses and households. However, the actual savings will depend on the prices charged by individual Oil Marketing Companies (OMCs).

The government-industry intervention aimed at cushioning consumers against rising fuel costs also remains in place, helping to moderate diesel prices.

LPG prices projected to rise by 18.50%

Unlike petrol and diesel, LPG prices are expected to increase significantly during the second pricing window of October.

COMAC projects an 18.50% rise in LPG prices, with the product expected to sell at GH¢20.60 per kilogramme on a cash-purchase basis.

The increase could place additional pressure on households and businesses that depend on LPG for cooking and other activities, potentially offsetting some of the savings from lower petrol and diesel prices.

The projected changes reflect mixed movements in refined petroleum product prices on the international market during the review period. LPG recorded a 7.77% increase, while diesel prices fell by 6.68% and petrol declined by 3.93%.

Cedi depreciation threatens fuel price relief

Developments on the foreign exchange market could limit the benefits of declining international petroleum product prices.

The cedi depreciated by 1.61% against the US dollar during the review period, trading at an average bank rate of GH¢11.8222 to the dollar between September 26 and October 11, 2026.

The local currency has lost more than 11% of its value against the dollar so far this year, with seasonal demand for imports and higher energy costs continuing to put pressure on the exchange rate.

Ghana’s reliance on imported refined petroleum products means a weaker cedi increases the local currency cost of purchasing fuel in dollars.

Further depreciation could therefore exert upward pressure on pump prices, even when international petroleum product prices decline.

NPA sets minimum prices for second October window

The National Petroleum Authority (NPA) has also set minimum price floors for the second pricing window of October, reflecting the anticipated reductions in petrol and diesel prices and the increase in LPG prices.

Petrol’s minimum price will fall to GH¢16.09 per litre from GH¢16.45 in the first October window, while diesel’s floor will decline to GH¢17.09 per litre from GH¢17.97.

For LPG, the minimum price will increase to GH¢13.87 per kilogramme from GH¢11.10 during the first window.

The price floors represent the minimum selling prices under the Petroleum Product Pricing Guidelines (PPPG). All OMCs and LPG Marketing Companies (LPGMCs) are expected to comply with the applicable minimum prices during the window.

However, the floors exclude premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and the marketing and dealer margins applied by OMCs and LPGMCs.

These charges are determined separately by the respective companies in line with the pricing guidelines.

As a result, actual pump prices may vary among outlets depending on the additional costs and margins applied by individual operators.