The Chamber of Oil Marketing Companies (COMAC) has projected marginal increases in the ex-pump prices of petroleum products for the second pricing window of February 2026. According to COMAC’s latest outlook report, petrol prices are expected to rise by 1.97 percent, diesel by 2.73 percent, and liquefied petroleum gas (LPG) by 3.26 percent. The projected hikes are largely attributed to the depreciation of the Ghana cedi against major trading currencies and rising international petroleum product prices. The Chamber noted that the cedi weakened slightly from GHS10.90 to GHS10.98 against the US dollar during the first pricing window of February, representing a 0.77 percent depreciation. Despite the short-term currency fluctuations, the Central Bank has indicated its commitment to maintaining price stability while supporting economic growth. On the international market, crude oil prices climbed sharply in mid-February, rising from $67.40 per barrel to $70.90 per barrel. The increase was driven by renewed geopolitical tensions in the Middle East, which outweighed concerns about a potential supply glut in the global market. In the first pricing window of February 2026, petroleum product prices also recorded significant increases. Petrol rose by 4.17 percent, diesel by 5.57 percent, and LPG by 6.81 percent, in line with the surge in global crude oil prices. However, COMAC indicated that the current oversupply of refined petroleum products on the local market is expected to cushion consumers from sharper increases. As a result, any upward adjustments at the pumps in the new pricing window are likely to be marginal, despite the projected rise in international prices and currency pressures.
