The Chamber of Petroleum Consumers (COPEC) has projected a significant increase in diesel prices for the first petroleum pricing window of October 2026, citing rising international oil prices and a marginal depreciation of the Ghana cedi.
According to COPEC, diesel prices could rise by 22.91% from GH¢18.24 to GH¢22.42 per litre, effective Thursday, October 1. Petrol prices are also expected to increase by 5.21%, from GH¢16.90 to GH¢17.78 per litre.
In a statement issued on Tuesday, September 29, and signed by its Executive Secretary, Duncan Amoah, the Chamber attributed the expected adjustments largely to developments on the international petroleum market and movements in the local currency.
COPEC said crude oil prices rose from $103.07 to $124 per barrel during the pricing window, while the cedi depreciated by about 1.20% against the US dollar.
The increase in international prices also affected the cost of petroleum products. Petrol’s Free on Board (FOB) price rose by 4.26%, while diesel recorded an 8.51% increase.
Liquefied Petroleum Gas (LPG) is also expected to become more expensive, with COPEC projecting a retail price of GH¢15.68 per kilogramme following a 9.10% rise in its international FOB price.
COPEC has appealed to Oil Marketing Companies to consider absorbing part of the expected increases by reducing some of their margins in an effort to cushion consumers.
The Chamber also urged government to accelerate efforts to expand the Tema Oil Refinery’s capacity from 45,000 barrels per day to 100,000 barrels per day.
It said increasing local refining capacity would help reduce Ghana’s dependence on imported finished petroleum products.
