Good News for Motorists as Petrol and Diesel Prices Set to Drop From October 16, LPG Prices to Rise

Petrol and diesel prices in Ghana are expected to record reductions from October 16, 2026, while liquefied petroleum gas (LPG) is projected to become significantly more expensive, according to projections by the Chamber of Oil Marketing Companies (COMAC).

Petrol prices are expected to decline by nearly 2%, bringing the projected price to GH¢17.67 per litre. Diesel prices could also fall by 3.32% to GH¢19.30 per litre, offering motorists some relief at the pumps.

However, LPG consumers may face a substantial increase in cooking gas prices. The commodity is projected to rise by 18.5% to GH¢20.60 per kilogram, potentially increasing household energy expenses and costs for businesses that depend on gas.

The expected adjustments reflect developments in the international petroleum market, movements in the cedi’s exchange rate and government interventions aimed at managing fuel prices during previous pricing windows.

According to the Chamber, average crude oil prices increased by 2.03% to US$126.73 per barrel during the October 16 pricing window. The increase was attributed to renewed concerns about global oil supplies and geopolitical tensions.

The Chamber cited uncertainty surrounding a proposed United States-backed energy ceasefire involving Ukraine, alongside fresh attacks affecting Saudi Arabia amid the ongoing war with Iran, as factors contributing to supply concerns.

Despite the increase in crude oil prices, refined petroleum products recorded mixed movements on the international market. LPG prices rose by 7.77%, while diesel prices declined by 6.68% and petrol prices dropped by 3.93%.

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

The Chamber indicated that the cedi had lost more than 11% of its value against the dollar since the beginning of the year. Seasonal demand for imports and rising energy costs have continued to exert pressure on the local currency.

During the October 1 pricing window, most oil marketing companies maintained their existing prices following the introduction of a GH¢2 levy on diesel and government intervention involving the Tema Oil Refinery and Sentuo Oil.

The two refineries supplied refined petroleum products to oil marketing companies at previous prices, helping to limit immediate increases at the pumps during that period.

Although petrol and diesel are expected to become slightly cheaper, the projected LPG increase could place additional pressure on households and businesses that rely on cooking gas for their daily activities.

The October 16 adjustments are projections rather than guaranteed pump prices. Actual prices may vary among oil marketing companies depending on their pricing decisions, operating costs and market conditions.

Consumers are therefore advised to monitor announcements from fuel retailers as the new pricing window approaches to determine the actual prices applicable at individual filling stations and LPG outlets.

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