Consumers may soon face higher petroleum product prices at the pumps as the local currency’s depreciation offsets falling crude oil prices on the international market. This is according to the latest pricing outlook report by the Chamber of Oil Marketing Companies (COMAC), sighted by Joy Business.
The expected hikes could reverse recent gains in easing inflation and falling prices of goods in the market. Inflation began the year at 23.5% but has dropped over the months to 12.1% as at August with the projection that it could hit single digit by the end of this year. There are however fears that the recent depreciation of the cedi and the attendant impact on fuel prices could deny the country the single digit end of year prediction.
Projected Prices at the Pumps
From September 1, 2025, petrol prices are projected to rise by between 3.86% and 5.40%, pushing the average price per litre to about GHS 13.67.
Diesel may see an increase of 3.39% per litre, with consumers likely to pay around GHS 14.35 per litre.
Liquefied Petroleum Gas (LPG) is also expected to go up by as much as 4.57% per kilogram, further straining household budgets.
Why Prices Are Rising
The chamber attributes the increases primarily to the Ghana cedi’s steep depreciation against the US dollar over the past month. The local currency slipped from GHS 10.71 to GHS 11.20 per dollar, representing a 3.98% depreciation – the sharpest decline since the start of 2025.
COMAC, however, noted that global crude oil prices have been relatively favourable. International market data showed petrol prices dropped by 0.45%, diesel by 3.73%, and LPG by 1.73% during the review period. But these reductions were not enough to cushion local consumers against the currency shock.
Economic Implications
Analysts warn the looming hikes could undermine the recent decline in inflation, which has been supported partly by falling food and fuel costs. The development may also slow down the relative stability in prices of goods and services, placing further pressure on households and businesses.
