Petrol and diesel prices to fall in second October pricing window

Ghanaian motorists and businesses are expected to see a slight reduction in fuel costs starting October 16, 2026. According to projections from the Chamber of Oil Marketing Companies (COMAC), petrol and diesel prices are set to decline during the second pricing window of the month. Petrol is expected to retail at approximately GH‵17.67 per litre, representing a drop of about 1.67%, while diesel prices are projected to fall by 3.32% to reach GH‵19.30 per litre.

While transport fuels are trending downwards, consumers of liquefied petroleum gas (LPG) face a significant price hike. Projections indicate that LPG costs will surge by 18.50%, bringing the price to GH‵20.60 per kilogramme. This sharp increase in cooking gas prices is expected to offset some of the financial relief gained from lower petrol and diesel costs, particularly impacting households and small businesses that rely heavily on gas for energy.

The National Petroleum Authority (NPA) has responded to these market shifts by adjusting the minimum price floors for the window. The floor for petrol has been lowered to GH‵16.09 per litre from GH‵16.45, and the diesel floor has been reduced to GH‵17.09 from GH‵17.97. Conversely, reflecting the upward trend in gas costs, the price floor for LPG has been raised significantly to GH‵13.87 per kilogramme, up from GH‵11.10. These regulatory benchmarks are intended to guide market competition and pricing strategies among oil marketing companies.

Several factors are driving these fluctuations, including international market developments and recent government subsidies. Despite a 2.03% increase in average crude oil prices to US$126.73 per barrel, local fuel prices have managed a slight dip due to specific market adjustments. However, the continued depreciation of the Ghana cedi against the US dollar—which fell by 1.61% during the period—remains a significant concern. This currency volatility threatens to undermine the benefits of falling international prices by increasing the overall cost of importing refined petroleum products into the country.