Accra, Ghana – Motorists across Ghana should brace for another increase at the pumps as the Chamber of Oil Marketing Companies (COMAC) projects higher fuel prices for the second pricing window of July, effective Thursday, July 16.
According to COMAC’s latest market outlook, petrol is expected to record the biggest increase, rising by between 3.79% and 5.31%, with the average pump price projected to reach about GH¢14.52 per litre.
Diesel prices are also forecast to edge upward by approximately 0.4%, or about 7 pesewas per litre, pushing the expected average pump price to around GH¢16.00 per litre. Meanwhile, Liquefied Petroleum Gas (LPG) is projected to increase by between 1.10% and 1.30% per kilogram.
What’s Driving the Price Increase?
COMAC attributes the expected hike to a combination of rising global petroleum prices and the slight depreciation of the Ghana cedi against the US dollar during the review period. The Chamber also cited renewed geopolitical tensions in the Middle East, which have pushed up international prices for crude oil and refined petroleum products amid concerns over shipping through the Strait of Hormuz.
The outlook is further supported by the National Petroleum Authority (NPA), which has revised its indicative price floors upward. Under the new benchmarks, the indicative floor for petrol has increased from GH¢12.79 to GH¢13.28 per litre, while diesel has risen from GH¢13.54 to GH¢14.35 per litre. LPG has also recorded a modest upward adjustment.
If oil marketing companies implement COMAC’s projections, motorists and households across the country will begin paying higher prices for petrol, diesel, and LPG from Thursday, July 16, adding fresh pressure to transport costs and the overall cost of living.
