Ghanaians should brace for higher fuel costs starting tomorrow, July 1, as the Chamber of Oil Marketing Companies (COMAC) projects a fresh round of price hikes at retail pumps.
According to COMAC’s market forecast, petrol prices are expected to rise by 2 percent, diesel by a sharper 5 percent, while Liquefied Petroleum Gas (LPG) will see a marginal 1 percent increase. This marks the first upward adjustment since February 2025, breaking nearly five months of relative fuel price stability.
Speaking at a press briefing in Accra, Dr. Riverson Oppong, Chief Executive of COMAC, attributed the imminent increases to recent market and regulatory dynamics, adding that the projections were made even before considering the implementation of the suspended amended Energy Sector Levy.
“Even before the implementation of the amended Energy Sector Levy which has been suspended, our projections indicate that pump prices may be going up,” he stated.
“I can say petrol is likely to go up by 2 percent, LPG may witness a little above 1 percent and Diesel will likely increase by 5 percent. This is after taking all factors into consideration, including NPA price build ups,” Dr. Oppong added.
The Chamber explained that the increases stem from exchange rate movements, global crude oil price changes, and National Petroleum Authority (NPA) price build-ups. The upward adjustments come at a time when the Ghanaian cedi has been experiencing relative stability, which had previously supported falling fuel prices.
Analysts warn that the rise in diesel prices, particularly at 5 percent, could have inflationary implications for the economy, given diesel’s role in transportation, logistics, and commercial operations.
Meanwhile, COMAC is urging policymakers to undertake a holistic review of petroleum downstream regulations to enable more cost-effective operations and protect consumers from volatile international price shocks.
“The Chamber is demanding a review in the regulations of the petroleum downstream sector for cost-effective operation,” Dr. Oppong emphasised.
The fuel price hikes may place additional pressure on transport operators, manufacturing companies, and households, who are only beginning to adjust to the marginal relief from recent price declines.
