Fuel prices are expected to increase significantly from Saturday, August 1, 2026, as higher global crude oil prices and a weaker cedi push up the cost of petroleum products at the pumps.
The Chamber of Petroleum Consumers (COPEC) says its latest pricing analysis points to increases in the prices of petrol, diesel and liquefied petroleum gas (LPG) during the first pricing window of August.
In a statement available to Metro TV issued on Wednesday, July 29, COPEC said, “Petroleum prices beginning Saturday the 1st of August 2026 are expected to see some significant increments across the pumps.”
According to the chamber, the projected increases are being driven mainly by a surge in international crude oil prices and a slight depreciation of the Ghana cedi against the US dollar.
COPEC noted that global crude oil prices climbed from $71.90 per barrel to $88.62 per barrel, while the cedi weakened by about 1.4%, with the interbank exchange rate moving from GH¢11.4970 to GH¢11.6593 to the dollar during the current pricing window.
For petrol, COPEC said the international Free on Board (FOB) price rose by 12.58%, increasing from $970.63 per metric tonne to $1,092 per metric tonne.
It projects that the average retail price of petrol will rise to GH¢15.95 per litre, representing a 9.36% increase over the current average price of GH¢14.59 per litre.
“Thus, the retail price of Petrol is expected to be selling between GHS15.16/L and GHS16.75/L, within a ±5% range of COPEC’s projection,” the statement said.
Diesel is expected to record the sharpest increase after its FOB price jumped by 24.84%, from $974.40 per metric tonne to $1,216.45 per metric tonne.
COPEC projects diesel to sell at an average of GH¢19.45 per litre, up from the current average of GH¢17.76 per litre, representing a 10.78% increase.
The chamber added that diesel prices are expected to range between GH¢18.48 per litre and GH¢20.92 per litre, depending on oil marketing companies.
LPG is also expected to become more expensive after its international FOB price increased by 12.24%, from $545.65 per metric tonne to $612.45 per metric tonne.
COPEC projects the retail price of LPG to rise to GH¢13.80 per kilogram, with consumers expected to pay between GH¢13.11/kg and GH¢14.49/kg.
The chamber is urging government to step in to lessen the impact of the anticipated price hikes on consumers.
“It is the expectation of COPEC that government as a matter [of] urgency would intervene to cushion consumers against these expected steep prices,” the statement noted.
