The Chamber of Oil Marketing Companies (COMAC) is projecting a further reduction in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) at the pumps for the first pricing window of July 2026.
According to COMAC’s latest pricing outlook, petrol prices are expected to decline by between 1.94 per cent and 9.31 per cent, diesel by 7.67 per cent to 10.20 per cent, while LPG prices could fall by 24.50 per cent to 26.86 per cent.
The projected reductions would mark the second consecutive drop in ex-pump prices, driven mainly by a sharp decline in international crude oil prices and lower refined petroleum product prices.
COMAC said global oil prices dropped by 19.69 per cent within two weeks, falling from US$97.32 per barrel to US$78.16 per barrel — the steepest two-week decline since the oil market collapse during the COVID-19 pandemic in 2020.
The Chamber attributed the decline to developments surrounding the June 17 Memorandum of Understanding (MOU) between the United States and Iran, which temporarily halted hostilities, reopened the Strait of Hormuz and extended a ceasefire arrangement for 60 days to allow further negotiations.
However, COMAC noted that renewed military strikes and accusations between the two sides on June 27 and 28 have placed the agreement under pressure.
Refined Product Prices Fall
The decline in crude oil prices also translated into lower refined petroleum product prices on the international market.
COMAC reported that LPG recorded the biggest decline, falling by 15.96 per cent, followed by diesel with a 15.18 per cent reduction, representing its steepest decline in 2026.
Petrol prices also declined by 6.92 per cent on the international market.
The Chamber explained that previously stranded tankers exiting the Strait of Hormuz have increased expectations of a possible shift in the global market from a supply shortage to a surplus.
Cedi Appreciation Supports Price Reduction
The Ghana cedi’s performance against major trading currencies also contributed to the expected reduction.
For the July 1, 2026 pricing window, the cedi appreciated by 3.24 per cent against the US dollar, moving from GHS11.8035 to GHS11.4333 per dollar.
COMAC said the stronger cedi helped ease the cost pressures associated with petroleum product imports.
Projected Ex-Pump Prices
Based on the projections, average cash ex-refinery prices are estimated at:
• Petrol: GHS9.02 per litre
• Diesel: GHS10.19 per litre
• LPG: GHS9.95 per kilogram
For credit purchases, projected ex-pump prices are:
• Petrol: GHS14.52 per litre
• Diesel: GHS15.50 per litre
• LPG: GHS12.76 per kilogram
Floor Prices
The National Petroleum Authority (NPA) floor prices for the first half of July 2026 are projected as follows:
• Petrol: GHS12.79 per litre, down 4.48 per cent
• Diesel: GHS13.54 per litre, down 10.39 per cent
• LPG: GHS10.11 per kilogram, down 23.58 per cent
• Marine Gas Oil (MGO): GHS12.65 per litre, down 11.04 per cent
• Local Kerosene: GHS11.11 per litre, down 14.34 per cent
COMAC said the expected reduction reflects improving conditions in the global petroleum market, although geopolitical tensions remain a major risk factor that could influence future price movements.