Motorists across Ghana are expected to pay more for fuel from Saturday, August 1, as higher global crude oil prices and the depreciation of the cedi drive up petroleum costs.
According to the Chamber of Oil Marketing Companies (COMAC), petrol is projected to increase by 7.58% to about GH¢15.23 per litre, while diesel is expected to record the sharpest rise, climbing 12.50% to approximately GH¢17.45 per litre. Liquefied Petroleum Gas (LPG) is also forecast to increase by 4.13%, reaching around GH¢16.40 per kilogram.
The National Petroleum Authority (NPA) has also revised its minimum price floors, setting diesel at GH¢16.97 per litre, petrol at GH¢14.53 per litre, and LPG at GH¢11.06 per kilogram. Oil Marketing Companies have been directed not to sell below these approved prices.
COMAC attributed the anticipated price hikes to a 23.25% increase in global crude oil prices, with Brent crude rising from US$71.90 to US$88.62 per barrel during the review period. The Chamber cited ongoing geopolitical tensions, including uncertainty surrounding the Strait of Hormuz and the US-Iran conflict, as major contributors to the surge.
The weakening Ghana cedi also added to import costs, depreciating by 1.41% against the US dollar during the pricing period. While some analysts expect the impact at the pumps to be moderated because several fuel retailers have already adjusted prices in recent weeks, consumers are still expected to face higher fuel costs in the first half of August.