The Chamber of Oil Marketing Companies (COMAC) has projected an increase in ex-pump prices of petroleum products for the pricing window beginning July 16, 2026, citing renewed geopolitical tensions and a slight depreciation of the Ghana cedi against major trading currencies.
According to COMAC, petrol prices are expected to increase by between 3.79% and 5.31%, while diesel prices could rise by 5.64% to 7.50%. Liquefied Petroleum Gas (LPG) prices are also projected to increase marginally by 1.10% to 1.30%.
The Chamber attributed the expected hikes to escalating tensions in the Middle East, particularly renewed concerns over the security of shipping routes through the Strait of Hormuz, a key global oil transit corridor.
COMAC noted that international crude oil prices, which had declined sharply by 7.96% from US$78.12 per barrel to US$71.90 per barrel in mid-July, rebounded strongly following the reported breach of the July 7–8 ceasefire and Iranian missile strikes on two United Arab Emirates tankers.
The renewed uncertainty restored the geopolitical risk premium in the oil market, pushing Brent crude prices above US$84 per barrel and driving up refined petroleum product prices. Diesel recorded the highest increase on the international market at 8.14%, followed by petrol at 4.96%, while LPG recorded a decline of about 12%.
On the domestic front, the Ghana cedi weakened slightly against the US dollar during the review period. The local currency depreciated by 0.55%, moving from GH¢11.4333 to GH¢11.4970 per US dollar.
COMAC explained that the combination of higher international fuel prices and the cedi’s depreciation is expected to translate into higher ex-pump prices across the country during the upcoming pricing window.
Leave a Reply