Fuel prices to drop from October 16, but LPG set to rise sharply – COMAC

Drivers can expect a small sigh of relief at the pump starting October 16, as petrol and diesel prices are set to go down for the second pricing window of the month.

According to the Chamber of Oil Marketing Companies (COMAC), petrol is expected to drop, selling at around GH¢17.67 per litre, while diesel will go for about GH¢19.30 per litre. This expected fall follows lower international prices for refined products, where international petrol prices dropped by nearly 4% and diesel dropped by over 6%.

However, people using Liquefied Petroleum Gas (LPG) will feel the pinch instead. COMAC projects that cooking gas prices will jump sharply to about GH¢20.60 per kg, driven by an international increase of nearly 8% in LPG prices.

Despite the drop in refined fuel, global crude oil prices remain very high, crossing $126 a barrel, due to ongoing supply fears from tanker attacks in the Strait of Hormuz and the war involving Iran.

At the same time, the Ghanaian Cedi has weakened further against the dollar, trading around GH¢11.82 after losing more than 11% so far this year.

Please note that these figures are projections, and actual prices at individual stations can vary.