Fuel prices set to rise from October 1; diesel projected to jump 22.91%

Motorists could face higher fuel prices from Thursday, October 1, with diesel expected to record the biggest increase, according to the Chamber of Petroleum Consumers (COPEC).

COPEC, in its projection for the first pricing window of October 2026, said diesel prices could increase by 22.91%, while petrol is expected to rise by 5.21%.

The Chamber also projects that Liquefied Petroleum Gas (LPG) could sell at GH¢15.68 per kilogramme.

“Petroleum prices beginning Thursday the 1st of October 2026 are expected to see some significant increments across the pumps,” COPEC said.

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The projected increases have been attributed to a rise in global crude oil prices and a depreciation of the Ghana cedi against the US dollar.

According to COPEC, crude oil prices increased from $103.07 to $124 per barrel during the pricing window, while the cedi weakened by 1.20% against the dollar.

The average interbank exchange rate moved from GH¢11.4830 to GH¢11.6211 over the period.

Diesel

Diesel is projected to rise to GH¢22.42 per litre from the current average pump price of GH¢18.24.

COPEC said the Free On Board (FOB) price of diesel increased by 8.51% to $1,524.22 per metric tonne.

Petrol

Petrol is expected to increase to GH¢17.78 per litre from GH¢16.90.

Its FOB price rose by 4.26% to $1,304.39 per metric tonne.

COPEC expects petrol prices to range between GH¢16.89 and GH¢18.67 per litre, based on a ±5% variation around its projected price.

LPG

LPG is also expected to record an increase, with COPEC projecting a price of GH¢15.68 per kilogramme.

The expected price range is between GH¢14.89 and GH¢16.48 per kilogramme.

COPEC said the FOB price of LPG increased by 9.10% to $777.59 per metric tonne.

COPEC calls for TOR expansion

Beyond the price projections, COPEC commended the government for ensuring a continuous supply of crude oil to local refineries, saying this is helping to support around-the-clock production.

However, the Chamber called for faster action to expand the Tema Oil Refinery (TOR).

“Most importantly, government should make it a priority to speedily facilitate the expansion works at the Tema Oil Refinery (TOR) to move from the current 45,000 barrels per day refining capacity to 100,000 barrels per day,” COPEC said.

It added that expanding TOR would help reduce Ghana’s dependence on imported finished petroleum products.

OMCs urged to absorb part of increase

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COPEC also appealed to Oil Marketing Companies (OMCs) to absorb part of the expected increase rather than passing the full cost on to consumers.

The Chamber urged OMCs to “shelve some of their margins” to cushion consumers from the impact of the projected price hikes.

If implemented, the increases would place additional pressure on motorists and households from October 1.

DR/MA

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