The Chamber of Oil Marketing Companies (COMAC) is projecting a decline in petrol and Liquefied Petroleum Gas (LPG) prices at the pumps for the first pricing window of November 2026, while diesel prices are expected to record a marginal increase.
According to COMAC’s November 1 price outlook, petrol prices are expected to decline by between 2.04 and 3.51 per cent, while LPG prices could fall by between 0.22 and 0.80 per cent. Diesel prices, however, are projected to increase by between 0.45 and 1.50 per cent.
The projections come against the backdrop of mixed movements in international petroleum product prices, with LPG recording the highest increase of 21.33 per cent, followed by diesel at 3.54 per cent. Petrol prices declined marginally by 1.90 per cent.
Meanwhile, average crude oil prices fell by 1.90 per cent to US$124.32 per barrel during the pricing window, although the global oil market remains elevated and volatile.
Geopolitical tensions, particularly around the Strait of Hormuz and the ongoing Saudi-Houthi conflict, continue to heighten concerns about possible supply disruptions and renewed hostilities. Market uncertainties ahead of the November 3 US midterm elections have also contributed to investor caution.
Cedi appreciation supports projected price reductions
On the domestic front, the Ghana cedi appreciated by 0.70 per cent against the US dollar, trading at an average bank rate of GH¢11.7326 to the dollar between October 12 and October 27, 2026.
The appreciation has been supported partly by foreign exchange interventions by the Ghana Gold Board over the past three weeks.
A planned US$1.5 billion foreign exchange injection is also expected to provide further support for the local currency and strengthen its stability ahead of the festive season.
COMAC says the projected adjustments in ex-pump prices reflect movements in international refined petroleum product prices and the appreciation of the cedi.
Government-industry intervention to cushion consumers
The Chamber further indicated that government-industry interventions would continue to cushion consumers against the full impact of rising international petroleum product prices, particularly diesel.
The intervention is expected to moderate potential increases in diesel pump prices, despite the upward pressure from international markets.
The projected reductions in petrol and LPG prices could offer some relief to households, motorists and businesses during the November 1 pricing window.
However, the anticipated increase in diesel prices could sustain cost pressures on transport operators, commercial vehicle owners and businesses that rely heavily on the fuel.
The actual pump prices will depend on the final pricing decisions of individual Oil Marketing Companies (OMCs).
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