Ghanaian motorists and households should brace for higher fuel prices from Wednesday, September 16, with petrol expected to average GH¢16.26 per litre and diesel selling at GH¢19.07 per litre, according to projections by the Chamber of Petroleum Consumers (COPEC).
The forecast represents a 4.24% increase in petrol prices from the current average of GH¢15.60 per litre, while diesel is set for a steeper 10.23% rise from an average of GH¢17.30 per litre. The anticipated jump, if it materialises, would add further pressure to transport fares, food prices and the general cost of living, which have remained a persistent concern for consumers across the country.
COPEC attributed the projected increases largely to a sharp rise in international crude oil and refined petroleum product prices during the pricing window under review.
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Global crude oil prices climbed from $89.30 to $103.07 per barrel over the period, a significant surge that has ripple effects across refining and distribution costs. The international Free-On-Board (FOB) price of petrol also rose by 10.08%, from $1,136.50 to $1,251.07 per metric tonne, while diesel jumped by 12.33%, from $1,250.50 to $1,404.73 per metric tonne, reflecting the intensity of the upward pressure on the global market.
The cedi, however, offered little relief to cushion the blow. It recorded only a marginal appreciation of 0.29% against the US dollar, moving from an average interbank rate of GH¢11.5166 to GH¢11.4830 — a gain too small to offset the steep climb in international product prices.
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Liquefied Petroleum Gas (LPG) is also expected to rise, with COPEC projecting a selling price of GH¢15.32 per kilogramme following a 16.45% increase in its international FOB price. The increase will affect households and businesses that rely on gas for cooking and other domestic uses, adding to the financial strain on consumers already contending with a difficult economic climate.
In response to the projections, COPEC has appealed to the government to extend its subsidy intervention, proposing a GH¢1 per litre relief for petrol consumers while maintaining the existing GH¢2 per litre subsidy on diesel. The Chamber argued that such a measure would help absorb part of the shock and protect consumers from the full impact of the increases.
COPEC also urged Oil Marketing Companies (OMCs) to consider reducing their margins to cushion consumers against the expected increases, noting that a measure of sacrifice across the distribution chain could ease the burden on ordinary Ghanaians.
The projections add to growing anxiety over the cost of petroleum products, which play a central role in Ghana’s transport, industrial and household sectors. Stakeholders will be watching closely to see whether the government heeds COPEC’s call for further subsidies, or whether consumers will have to absorb the full weight of the increases from mid-September.
