Diesel prices in Ghana will jump by nearly 23% starting October 1, 2026, according to the Chamber of Petroleum Consumers (COPEC). The group projects diesel will rise from GH¢18.24 per litre to GH¢22.42 per litre in the first pricing window of the month.
Petrol is also set to increase, but by a smaller margin of 5.21%, moving from GH¢16.90 to GH¢17.78 per litre. These changes come amid rising global fuel prices and a weakening Ghana cedi against the US dollar.
COPEC linked the price hike to international fuel costs, which have surged sharply in recent weeks. The price of crude oil rose from US$103.07 per barrel to US$124 during the current pricing window. At the same time, the cedi has depreciated by about 1.20% against the dollar.
The group detailed that the FOB (Free On Board) price of petrol increased by 4.26%, from $1251.07 per metric tonne to $1304.39 per metric tonne. Diesel’s FOB price rose by 8.51%, from $1240.47 to $1524.22 per metric tonne. Liquefied petroleum gas (LPG) prices jumped 9.10%, from $712.43 to $777.59 per metric tonne.
The combined effect of these global price rises and currency depreciation explains the projected local price increases. COPEC expects petrol to sell between GH¢16.89 and GH¢18.67 per litre within a ±5% range of their estimate. Diesel prices could range from GH¢19.40 to GH¢21.44 per litre. LPG retail prices are projected around GH¢15.68 per kilogram, with a possible range between GH¢14.89 and GH¢16.48.
COPEC commended the government’s ongoing supply of crude oil to local refineries, which it said supports continuous production. But the group urged the government to speed up expansion of the Tema Oil Refinery (TOR) to double its refining capacity from 45,000 to 100,000 barrels per day.
The chamber also appealed to Oil Marketing Companies (OMCs) to consider reducing some of their margins to ease the impact on consumers.
Fuel prices in Ghana have long been sensitive to shifts in the global market, but this latest jump in diesel costs is the steepest in recent times. Diesel is a major fuel for transport and industry, so this increase could ripple through the economy.
The government’s call to expand the TOR reflects ongoing challenges in meeting local fuel demand amid global price volatility. Meanwhile, consumers will face higher costs at the pump from next month, with little relief in sight.
According to 3News.
