The Chamber of Oil Marketing Companies (COMAC) has projected an increase in fuel prices for the second pricing window of July, with petrol expected to sell at GH¢14.52 per litre and diesel at approximately GH¢16.00 per litre from Thursday, July 16, 2026.
According to COMAC’s latest industry pricing outlook, petrol prices are expected to rise by between 3.79% and 5.31%, while diesel is projected to increase by about 7 pesewas per litre. Liquefied Petroleum Gas (LPG) is also expected to record an increase of between 1.10% and 1.30% per kilogram.
The latest projections reverse earlier expectations of a possible reduction in fuel prices, which had been supported by the relative stability of the Ghana cedi and moderate movements in international petroleum prices.
COMAC attributed the anticipated increases to renewed geopolitical tensions in the Middle East, which have pushed up international crude oil and refined petroleum product prices amid concerns over supply disruptions and the security of shipping through the Strait of Hormuz.
The Chamber also noted that the Ghana cedi weakened slightly during the pricing period. The exchange rate for the July 16 pricing window moved from GH¢11.4333 to GH¢11.4970 per US dollar, representing a 0.55% depreciation, further contributing to the expected rise in local fuel prices.
On the international market, crude oil prices initially declined from US$78.12 per barrel to US$71.90 per barrel.
However, prices rebounded after reports of a ceasefire breach on July 7 and 8. By July 14, Brent crude had climbed above US$84 per barrel following reports of Iranian missile strikes on two UAE tankers, heightening concerns over oil supply and shipping through the Strait of Hormuz.
Among refined petroleum products, diesel recorded the highest increase on the international market at 8.14%, followed by petrol at 4.96%, while NPA prices declined marginally by 0.92%.
Meanwhile, the National Petroleum Authority (NPA) has also revised its indicative price floors upward for the second pricing window in July, reinforcing expectations of higher pump prices nationwide.
The NPA increased the price floor for petrol from GH¢12.79 to GH¢13.28 per litre, representing a 3.83% increase, while the diesel price floor rose from GH¢13.54 to GH¢14.35 per litre, a 5.98% jump. The LPG price floor was also adjusted upward by 0.79% per kilogram.
The combined impact of rising international oil prices renewed geopolitical uncertainty, and the slight depreciation of the cedi is expected to push fuel prices higher across the country when the new pricing window takes effect on Thursday.
CREDIT: MAVIS FANTEVI