The Chamber of Oil Marketing Companies (COMAC) is projecting a mixed movement in ex-pump petroleum prices in the coming pricing window, with petrol and liquefied petroleum gas (LPG) expected to decline while diesel prices could increase.
According to COMAC, petrol prices are projected to fall by between 1.50% and 2.90%, while LPG prices could decrease by 0.21% to 0.93%. Diesel, however, is expected to record an increase of between 0.65% and 1.39%.
COMAC attributed the mixed outlook to uncertainty surrounding the US-Iran dispute and rising international crude oil prices.
The Chamber, however, said government-industry interventions would continue to cushion consumers from the full impact of higher diesel prices at the pump. It added that the recent appreciation of the cedi could provide further relief in subsequent pricing windows if the trend is sustained.
Crude Oil Prices rise
The Chamber says the average crude oil prices increased by 2.02% to US$90.41 per barrel in mid-August, driven largely by geopolitical tensions and concerns over potential supply disruptions around the Strait of Hormuz.
Meanwhile Iran has maintained that the strategic waterway will remain closed unless the United States meets its conditions, while US President Donald Trump has said Washington has “total control” of the Strait.
The heightened geopolitical tensions have added pressure to global crude oil markets amid concerns about possible disruptions to oil supplies.
Diesel Market Under Pressure
Refined petroleum product prices recorded mixed performances on the international market, with diesel registering the strongest increase of 2.86%. Petrol and LPG prices, meanwhile, declined by 5.46% and 2.54%, respectively.
The diesel market has also come under renewed pressure following an attack by Ukraine on a Russian refinery and a Houthi attack on a Saudi refining facility.
COMAC said the disruptions were worsening an already tight global fuel market ahead of the peak demand season, contributing to increased pressure on diesel prices.
Cedi Appreciation Offers Relief
The cedi depreciated by 1.20% against the US dollar, moving to GH¢11.7995 to the dollar based on bank averages between July 27 and August 11, 2026.
However, the local currency has since strengthened, with the Bank of Ghana’s rate showing a selling rate of GH¢10.9855 to the US dollar as of August 14, 2026.
COMAC said further appreciation of the cedi could help ease pressure on domestic petroleum prices if current foreign exchange supply conditions persist.
Government Cuts Diesel Margins
As part of efforts to cushion consumers, the government on August 4, 2026, revised downward the statutory margins included in the petroleum Price Build-Up for diesel.
The temporary intervention, which is expected to last for one month, reduces selected diesel margins to limit the impact of rising international petroleum prices on domestic pump prices.
The measure forms part of the Government-industry burden-sharing approach introduced on April 16, 2026, aimed at providing temporary relief to consumers while sharing the impact of fluctuations in international petroleum prices.
Under the current ex-pump price structure, approximately 70% of the pump price is attributed to the ex-refinery price, 26% to taxes, levies and regulatory margins, and 4% to marketers’ and dealers’ margins.
COMAC said the latest intervention would help moderate the anticipated increase in diesel prices and provide some protection for consumers as international market pressures persist
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