Petrol, diesel and Liquefied Petroleum Gas (LPG) prices are expected to increase significantly at the pumps from Wednesday, September 16, according to the Chamber of Petroleum Consumers (COPEC).

In a projection dated September 13, 2026, COPEC said petrol prices could rise by 4.24 per cent, while diesel is expected to record a steeper 10.23 per cent increase during the second pricing window of September. LPG is also projected to rise, with the commodity expected to sell at approximately GH¢15.32 per kilogramme.

What's Driving the Increase

COPEC attributed the projected increases largely to a sharp rise in international crude oil and refined petroleum product prices. Global crude oil prices increased from US$89.30 to US$103.07 per barrel during the period under review.

The increase comes despite a marginal appreciation of the Ghana cedi against the US dollar, which moved from an average interbank rate of GH¢11.5166 to GH¢11.4830 per dollar over the same window — a 0.29 per cent improvement that COPEC said was not enough to offset the impact of rising crude prices.

Breaking Down the Numbers

Petrol: The international Free on Board (FOB) price of petrol rose from US$1,136.50 to US$1,251.07 per metric tonne, a 10.08 per cent increase. Factoring in the cedi's marginal appreciation, COPEC projects a retail price of GH¢16.26 per litre, up from the current mean of GH¢15.60. Within a ±5 per cent margin, the Chamber expects petrol to sell between GH¢15.44 and GH¢17.08 per litre.

Diesel: The FOB price of diesel climbed from US$1,250.50 to US$1,404.73 per metric tonne, a 12.33 per cent rise. COPEC projects diesel will retail at GH¢19.07 per litre, up from GH¢17.30 — a 10.23 per cent increase. The Chamber's ±5 per cent range puts diesel between GH¢18.12 and GH¢20.02 per litre.

LPG: The international FOB price of LPG rose sharply, from US$611.75 to US$712.43 per metric tonne, a 16.45 per cent increase. COPEC projects LPG will retail at GH¢15.32 per kilogramme, with a possible range of GH¢14.55 to GH¢16.08 per kilogramme.

COPEC's Recommendations

The Chamber has appealed to government to extend its fuel subsidy intervention beyond the first window of September, proposing a GH¢1 per litre relief for petrol consumers while maintaining the existing GH¢2 per litre subsidy on diesel until global benchmarks stabilise.

COPEC also called on government to speed up expansion works at the Tema Oil Refinery (TOR), to raise its refining capacity from the current 45,000 barrels per day to 100,000 barrels per day, arguing this would help reduce the country's reliance on imported finished petroleum products.

Additionally, the Chamber urged Oil Marketing Companies (OMCs) to consider reducing their margins to help cushion consumers against the expected price increases.

The statement was signed by COPEC's Executive Secretary, Duncan Amoah.