Petrol prices could drop by over 9% from June 16 - COMAC

The Chamber of Oil Marketing Companies (COMAC) has projected a reduction in fuel prices from June 16, 2026, with petrol expected to record the sharpest decline among major petroleum products.

According to COMAC's latest pricing outlook, petrol prices are projected to fall by 9.31% during the second pricing window of June, while diesel and Liquefied Petroleum Gas (LPG) are expected to decline by 1.65% and 0.52%, respectively.

The Chamber attributed the anticipated reductions largely to a significant drop in international refined petroleum product prices, describing it as the steepest decline recorded since the beginning of 2026.

Data released by COMAC on Monday, June 15, 2026, showed that prices of refined petroleum products on the international market fell considerably ahead of the new pricing window.

Cedi remains firm against major currencies as dollar sells at GH¢11.06

LPG recorded the highest decline at 19.94%, followed by petrol at 15.21% and diesel at 10.17%.

Global crude oil prices also witnessed a sharp decline during the review period, falling from US$110.59 per barrel to US$97.32 per barrel, representing a decrease of approximately 12%.

Despite the favourable developments on the international market, the impact on diesel prices is expected to be relatively modest following the full removal of the government-industry intervention mechanism.

Similarly, LPG prices are projected to experience only a marginal reduction due to existing tender arrangements that have locked in supply costs.

The projected decline in fuel prices comes despite a slight depreciation of the Ghana cedi against major trading currencies.

During the period under review for the June 16 pricing window, the exchange rate moved from GH¢11.59 to GH¢11.80 to the US dollar, representing a depreciation of about 2.45%.

Meanwhile, the National Petroleum Authority (NPA) has announced lower benchmark price floors for petroleum products for the second pricing window of June.

The benchmark price floor for petrol has been reduced from GH¢15.20 per litre to GH¢13.39 per litre, representing a decrease of GH¢1.81 per litre, or nearly 12%.

The benchmark price floor for diesel has also been lowered from GH¢15.49 per litre to GH¢15.11 per litre, reflecting a reduction of GH¢0.38 per litre.

For LPG, the minimum benchmark price has been revised downward from GH¢13.48 per kilogram to GH¢13.23 per kilogram, representing a decline of GH¢0.25 per kilogram.

The benchmark price floors represent the minimum prices at which Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are expected to retail petroleum products during the second pricing window.

The anticipated reductions are expected to provide some relief to consumers, transport operators and businesses, particularly at a time when fuel costs continue to play a significant role in the cost of living and the cost of doing business in the country.

ANAS/MA

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