Consumers are expected to face higher costs at the fuel pumps from today, with petrol and Liquefied Petroleum Gas (LPG) projected to record price increases, while diesel prices are anticipated to decline slightly.
The latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC) indicates that petrol prices could rise by between 4.2 and 6.2 per cent, pushing the retail price to approximately GH¢15.92 per litre.
LPG users are also likely to experience an increase, with prices projected to climb by up to 2.24 per cent. A kilogram of the cooking fuel is expected to sell for about GH¢17.30 during the new pricing window.
In contrast, diesel consumers may benefit from a modest reduction in prices. COMAC projects a decline of between 1.65 and 2 per cent, which could bring the average pump price to around GH¢17.21 per litre.
The latest projections are based on pricing trends among oil marketing companies that procure petroleum products on credit from Bulk Oil Distribution Companies.
According to COMAC, the mixed movements in fuel prices are being driven by developments on the international petroleum market, exchange rate fluctuations, and ongoing government-industry interventions aimed at moderating the impact of global price shocks on consumers.
The Chamber noted that the Joint Government-Industry intervention introduced in May continues to influence local fuel pricing. However, support previously provided for petrol has now been fully withdrawn, while the subsidy on diesel has been reduced to GH¢1.07 per litre.
Industry analysts say the changes are intended to gradually align domestic fuel prices with prevailing international market conditions while cushioning consumers from sudden increases.
Although crude oil prices recorded a slight decline in late May, falling from an average of $112.07 per barrel to $110.59 per barrel, refined petroleum products showed mixed performance. LPG and diesel prices fell on the international market, while petrol prices increased by about three per cent during the review period.
The pricing outlook was also influenced by a slight depreciation of the Ghana cedi against major foreign currencies. The exchange rate weakened from GH¢11.30 to GH¢11.59 to the US dollar, reflecting increased demand for foreign exchange, dividend repatriation, disruptions in gold exports, and measured interventions by the Bank of Ghana.
Meanwhile, the National Petroleum Authority (NPA) has announced new minimum pricing benchmarks for the June 1 to June 16 pricing window. Under the revised framework, petrol is not expected to be sold below GH¢15.20 per litre, while diesel has been assigned a minimum price of GH¢15.49 per litre.
The revised benchmarks represent an increase over the previous pricing period and signal continued adjustments within Ghana’s downstream petroleum sector as market conditions evolve.
