Fuel prices to rise from October 1; diesel could hit GH¢19.60 – COMAC

Prices of petroleum products are expected to see marginal increases at the pump starting October 1, 2026, according to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC).

The outlook, which covers the first pricing window for October, points to increases in petrol, diesel and Liquefied Petroleum Gas (LPG) prices.

According to COMAC data, petrol prices could increase by up to 3.31%, potentially pushing the price to about GH¢17.91 per litre.

Diesel could increase by 3.32% to 5.60%, with the price potentially reaching GH¢19.60 per litre.

LPG is also expected to increase by about 2.25%, with the price projected at approximately GH¢17.06 per kilogram.

COMAC attributed the expected increases largely to rising crude oil and refined petroleum product prices on the international market, coupled with depreciation of the cedi.

The Chamber said average crude oil prices increased by 19.42% to US$124.20 per barrel for the October 1 pricing window.

It said all refined petroleum products also recorded increases, with petrol rising by 2.43%, diesel by 6.91% and LPG recording the highest increase of 8.55%.

COMAC noted that international oil prices had edged higher as strong demand for physical crude offset easing supply disruptions in the Middle East and signs of progress towards reopening the Strait of Hormuz.

However, it said repeated setbacks had kept traders cautious, amid conflicting signals over a possible US-Iran ceasefire and reports that Iranian officials doubt an agreement will be reached before the US midterm elections in November.

The Chamber also pointed to additional pressure on diesel prices from the Russia-Ukraine war and uncertainty surrounding measures by the United States to contain rising fuel prices.

The performance of the cedi is another factor expected to influence pump prices.

COMAC said the local currency depreciated by 1.27% to GH¢11.6321 to US$1, based on average bank rates between September 12 and 26, 2026.

According to the Chamber, this represents a gradual reversal of the cedi’s strong performance in the first quarter, with the currency recording a 6.12% depreciation in the third quarter of 2026.

Meanwhile, the National Petroleum Authority (NPA) has increased the price floors for petroleum products for the first pricing window of October.

Market data sighted by JOYBUSINESS shows that the price floor for petrol has increased from GH¢16.00 to GH¢16.45 per litre.

The floor for diesel has also increased from GH¢16.77 to GH¢17.97 per litre.

For LPG, the price floor has moved from GH¢10.97 to GH¢11.10 per kilogram.

The NPA’s price floors do not include premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), or the margins of Oil Marketing Companies and LPG Marketing Companies.

According to the NPA, those charges will be independently determined by the respective companies in accordance with the prescribed Petroleum Products Pricing Formula.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.