Fuel prices are expected to decline significantly from Wednesday, July 1, 2026, with motorists and households likely to benefit from lower costs for petrol, diesel and liquefied petroleum gas (LPG), according to new projections by the Chamber of Petroleum Consumers (COPEC).
The anticipated reductions follow a sharp decline in global crude oil prices and a modest appreciation of the Ghana cedi against the US dollar, two key factors that influence domestic petroleum pricing.
COPEC said international market conditions have improved considerably over the current pricing window, creating room for Oil Marketing Companies (OMCs) to reduce pump prices.
According to the chamber, "Global crude price has witnessed a significant reduction of about 19.69%, from $97.32 per barrel to $78.16 per barrel."
It also noted that "the cedi witnessed a marginal appreciation against the US dollar," with the interbank exchange rate improving from GH¢11.8035 to GH¢11.4333 per dollar, representing a 3.14 percent gain.
The combination of lower crude prices and a firmer local currency is expected to reduce the cost of importing refined petroleum products into Ghana.
Petrol and diesel expected to record major declines
COPEC projects that the retail price of petrol will decline to about GH¢13.36 per litre, representing a 6.21 percent reduction from the current average price of GH¢14.24 per litre.
The chamber estimates that petrol could sell between GH¢12.69 and GH¢14.03 per litre, depending on pricing decisions by individual OMCs.
Diesel is expected to record an even steeper reduction. COPEC attributed the projected decline to falling international diesel prices and the appreciation of the cedi.
It projected a retail price of approximately GH¢14.10 per litre, representing a 13.28 percent decrease from the current average price of GH¢16.26 per litre. Diesel is expected to retail between GH¢13.39 and GH¢14.80 per litre.
Liquefied petroleum gas users are also expected to benefit from lower prices.
COPEC said international LPG prices have dropped by nearly 16 percent, paving the way for a projected retail price of GH¢10.05 per kilogram.
The chamber estimates that LPG prices could range between GH¢9.54 and GH¢10.55 per kilogram during the first pricing window of July.
COPEC urges OMCs to pass on savings
COPEC has called on petroleum marketing companies to reflect the improved market conditions in their pump prices without delay.
"It is the expectation of COPEC that Oil Marketing Companies would respond positively to these reductions in a timely manner to bring the needed relief consumers have been yearning for," the chamber said.
The consumer advocacy group also welcomed the government's decision to allocate part of Ghana's crude oil production from the Jubilee Field to local refineries, describing the move as a step towards reducing dependence on imported petroleum products.
According to COPEC, the policy "would go a long way to reducing the volumes of imported petroleum products on a monthly basis, thereby reducing pressure on the local currency."
It believes the strategy could strengthen Ghana's energy security while supporting greater exchange rate stability over the medium term.
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