Fuel prices set to rise again from August 1

Motorists across Ghana are expected to pay more for fuel from Saturday, August 1, as higher global crude oil prices and the weakening cedi drive up pump prices.

The latest pricing forecast by the Chamber of Oil Marketing Companies (COMAC) for the August 1–15, 2026 pricing window indicates increases across all major petroleum products.

Petrol is forecast to rise by 7.58%, bringing the expected retail price to about GH¢15.23 per litre.

Diesel is projected to record the largest increase, climbing 12.50% to an estimated GH¢17.45 per litre.

Liquefied Petroleum Gas (LPG) is also expected to become more expensive, with prices rising 4.13% to approximately GH¢16.40 per kilogram.

However, some industry analysts believe the actual increases may be less noticeable for many consumers, as several Oil Marketing Companies (OMCs) have already adjusted pump prices upward in recent weeks.

Ahead of the new pricing period, the National Petroleum Authority (NPA) has announced new minimum price thresholds for petroleum products.

The diesel price floor has been raised from GH¢14.35 to GH¢16.97 per litre, while petrol’s minimum price has increased from GH¢13.28 to GH¢14.53 per litre.

The approved price floor for LPG now stands at GH¢11.06 per kilogram.

The NPA has directed all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) to comply with the revised minimum prices, prohibiting the sale of fuel below the approved thresholds despite competition within the market.

Factors behind the price hikes

COMAC attributed the projected increases to soaring international crude oil prices and higher costs of refined petroleum products.

According to the Chamber, average crude oil prices rose by 23.25% during the review period, while refined fuel prices also increased significantly. Diesel recorded the highest rise 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 over the period under review.

The Chamber said the increase was driven by heightened geopolitical tensions, particularly developments involving the United States and Iran, as well as uncertainty surrounding the reopening of the Strait of Hormuz.

Although hopes of a peace agreement briefly eased market pressures, Iran’s rejection of Oman’s shared-control proposal, renewed attacks on oil tankers and continued shipping disruptions have kept geopolitical risks elevated, helping to sustain Brent crude prices at around US$88 per barrel.

COMAC also identified the depreciation of the Ghana cedi as another major contributor to the expected rise in fuel prices.

For the August 1 pricing window, the exchange rate weakened from GH¢11.4970 to GH¢11.6593 per US dollar, representing a 1.41% depreciation, which has further increased the cost of importing petroleum products.