Petrol and diesel prices are expected to fall slightly at the pumps from Friday, October 16, 2026, while liquefied petroleum gas (LPG) prices could rise by 18.5% per kilogram.
The projections are contained in the Chamber of Oil Marketing Companies’ (COMAC) pricing outlook for the next pricing window.
Petrol is expected to drop by nearly 2% to GH¢17.67 per litre, while diesel could fall by 3.32% to GH¢19.30 per litre. LPG, however, is projected to increase to GH¢20.60 per kilogram.
During the October 1 pricing window, most oil marketing companies maintained their prices following the introduction of a GH¢2 levy on diesel and government interventions that saw the Tema Oil Refinery and Sentuo Oil supply refined petroleum products at previous prices.
The Chamber attributed the expected price changes to developments in the international oil market and recent government subsidy measures.
According to its report, average crude oil prices rose by 2.03% to US$126.73 per barrel during the October 16 pricing window.
The increase was linked to renewed concerns about global oil supplies, including uncertainty surrounding a proposed US-backed energy ceasefire involving Ukraine and fresh attacks on Saudi Arabia amid the war with Iran.
However, prices of refined petroleum products moved in different directions.
LPG prices increased by 7.77%, while diesel and petrol prices fell by 6.68% and 3.93%, respectively.
Meanwhile, the Ghana cedi depreciated by 1.61% to GH¢11.8222 to the US dollar, based on average bank rates between September 26 and October 11, 2026.
The Chamber said the cedi had lost more than 11% of its value against the dollar so far this year, with seasonal demand for imports and rising energy costs continuing to put pressure on the currency.
Despite these developments, petrol and diesel prices are expected to record only modest reductions at the pumps, in line with projections by several analysts earlier this month.
The National Petroleum Authority (NPA) has also lowered the minimum prices at which petrol and diesel can be sold during the October 16 pricing window.
Data shows that the minimum petrol price has been reduced from GH¢16.45 to GH¢16.09 per litre.
The minimum diesel price has also fallen from GH¢17.97 to GH¢17.09 per litre.
However, the minimum LPG price has increased from GH¢11.10 to GH¢13.87 per kilogram.
The NPA explained that the minimum prices exclude premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and margins charged by Oil Marketing Companies and LPG Marketing Companies.
These additional charges will be determined independently by the respective companies in accordance with the prescribed Petroleum Products Pricing Formula.
