The Chamber of Petroleum Consumers (COPEC) has projected a significant reduction in petroleum product prices at the pumps from Wednesday, July 1, 2026, following a decline in global crude oil prices and a marginal appreciation of the Ghana cedi against the US dollar.
According to COPEC’s analysis for the first pricing window of July, global crude oil prices recorded a sharp decline of about 19.69%, falling from $97.32 per barrel to $78.16 per barrel during the period under review.
The consumer advocacy group also noted that the cedi strengthened slightly against the US dollar, moving from an average interbank rate of GH¢11.8035 to GH¢11.4333 per dollar, representing an appreciation of approximately 3.14%.
Petrol prices projected to fall
COPEC estimates that the price of petrol will decline after the Free On Board (FOB) price dropped from $988.77 per metric tonne to $920.34 per metric tonne, representing a reduction of 6.92%.
With the cedi’s appreciation factored in, COPEC projects that petrol should sell at about GH¢13.36 per litre, representing a 6.21% reduction from the current average pump price of GH¢14.24 per litre.
The group expects petrol prices to range between GH¢12.69 and GH¢14.03 per litre, within a 5% variation of its projection.
Diesel prices expected to record major reduction
For diesel, COPEC forecasts a more significant decline, following a reduction in its FOB price from $1056.38 per metric tonne to $896.02 per metric tonne, a drop of 15.18%.
The projected retail price of diesel is expected to fall to approximately GH¢14.10 per litre, representing a 13.28% decrease from the current average price of GH¢16.26 per litre.
COPEC estimates that diesel prices could range between GH¢13.39 and GH¢14.80 per litre during the new pricing window.
LPG prices also projected to decrease
Liquefied Petroleum Gas (LPG) is also expected to see a reduction, with its international FOB price declining from $652.65 per metric tonne to $548.50 per metric tonne, representing a 15.96% drop.
COPEC projects that LPG could sell at about GH¢10.05 per kilogramme, with expected market prices ranging between GH¢9.54 and GH¢10.55 per kilogramme.
COPEC urges timely response from Oil Marketing Companies
COPEC said it expects Oil Marketing Companies (OMCs) to reflect the reductions at the pumps promptly to provide relief to consumers who have been affected by high fuel prices.
The group also commended the government for allocating part of its share of crude oil from the Jubilee Fields to support local refinery operations.
COPEC said the move could help reduce Ghana’s dependence on imported petroleum products and ease pressure on the local currency.
The statement was signed by Duncan Amoah, Executive Secretary of COPEC.
Source: www.kumasimail.com
