Petrol and diesel prices are expected to record marginal declines from Friday, October 16, 2026, while Liquefied Petroleum Gas (LPG) prices are projected to rise by up to 18.50 per cent per kilogramme, according to the Chamber of Oil Marketing Companies (COMAC).
The projected adjustments are contained in COMAC’s latest pricing outlook for the October 16, 2026 pricing window, which reflects movements in international petroleum product prices and changes in the cedi-dollar exchange rate.
The outlook indicates that petrol prices at the pump could decline by between 1.20 and 1.67 per cent, while diesel prices are expected to fall by between 2.60 and 3.32 per cent.
In contrast, LPG prices are projected to increase sharply by between 16.98 and 18.50 per cent.
The expected decline in petrol and diesel prices follows mixed movements in refined petroleum product prices on the international market, despite an increase in crude oil prices during the period under review.
According to the COMAC outlook, average crude oil prices increased by 2.03 per cent to US$126.73 per barrel during the pricing window.
The increase was attributed to renewed concerns about global oil supplies amid escalating geopolitical tensions, including developments involving Ukraine, Saudi Arabia and Iran.
Attacks on oil tankers in the Strait of Hormuz reportedly prompted several empty supertankers to halt their journeys or turn away from the Persian Gulf, heightening fears of further disruptions to crude oil shipments.
However, prices of refined petroleum products moved in different directions, with LPG recording the highest increase of 7.77 per cent, while diesel registered the steepest decline of 6.68 per cent.
Petrol prices also fell by 3.93 per cent on the international market.
These developments are expected to influence the prices of petroleum products on the domestic market during the new pricing window.
The performance of the local currency against the US dollar also remains a key factor in determining domestic fuel prices.
COMAC reported that the cedi depreciated by 1.61 per cent to GH¢11.8222 to the US dollar, based on average bank exchange rates between September 26 and October 11, 2026.
The currency has lost more than 11 per cent of its value against the dollar so far this year, with seasonal import demand and rising energy costs continuing to exert pressure on the exchange rate.
Despite the anticipated reductions in petrol and diesel prices, the projected increase in LPG prices could affect consumers who depend on the product as their primary cooking fuel.
COMAC said the Government-industry intervention continued to cushion consumers by moderating increases in diesel pump prices.
The intervention is intended to limit the impact of rising costs on consumers, particularly transport operators and businesses whose operations depend heavily on diesel.
The latest projections, however, suggest that consumers may experience differing price movements across petroleum products, with the expected relief at the pumps for petrol and diesel contrasting with a significant increase in LPG prices.
BY KINGSLEY ASARE
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