Motorists and consumers across Ghana should brace for another increase in fuel prices from August 1, 2026, as rising global crude oil prices, geopolitical tensions in the Middle East and the depreciation of the Ghana cedi continue to push up petroleum import costs.
According to the Chamber of Oil Marketing Companies (COMAC) in its Pricing Outlook for the first pricing window of August, international crude oil prices have risen sharply by 23.25 percent, from US$71.90 per barrel to US$88.62 per barrel.
Prices of refined petroleum products have also increased significantly, with diesel recording the highest increase of 24.84 percent, followed by petrol at 12.58 percent and liquefied petroleum gas (LPG) at 12.24 percent.
COMAC attributed the price increases to renewed geopolitical uncertainty surrounding the Strait of Hormuz following stalled negotiations between the United States and Iran, renewed attacks on oil tankers and continued restrictions on key global shipping routes.
The chamber said the developments have sustained a geopolitical risk premium on crude oil prices while increasing freight costs for petroleum imports.
The report also noted that the Ghana cedi weakened against the US dollar during the pricing period, depreciating by 1.41 percent from GH¢11.4970 to GH¢11.6593 to the dollar, further increasing the cost of importing petroleum products.
Based on current market conditions, COMAC projects ex-pump prices to increase by between 4.89 and 7.58 percent for petrol, 5.64 and 12.50 percent for diesel, and 3.44 and 4.13 percent for LPG during the August 1 to August 15 pricing window.
Under the projected cash purchase prices, petrol is expected to sell at about GH¢15.23 per litre, diesel at GH¢17.45 per litre, and LPG at GH¢16.40 per kilogram. Credit purchase prices are projected at GH¢15.62 per litre for petrol, GH¢18.00 per litre for diesel and GH¢16.66 per kilogram for LPG.
COMAC, however, noted that taxes, levies and regulatory margins applicable to petrol, diesel and LPG remain unchanged for the upcoming pricing window, meaning the anticipated increases will be driven largely by international oil prices, exchange-rate movements and other market-related cost components rather than new taxes.
The chamber further observed that global oil demand is expected to remain strong in 2026, particularly in non-OECD economies, with increased transport fuel consumption in China, India and other Asian markets likely to sustain upward pressure on crude prices.
COMAC urged industry players and consumers to closely monitor global market developments, noting that continued instability in the Middle East could result in further adjustments to fuel prices in subsequent pricing windows.
Source: www.kumasimail.com
