The Chamber of Oil Marketing Companies (COMAC) has issued a forecast indicating a potential decline in petrol prices today, August 17th, alongside a possible rise in diesel, reflecting a mixed review of petroleum pricing across Ghana’s pumps. Data from the COMAC reveals that petrol could fall by up to 2.90%, bringing the indicative price to approximately GH¢15.82 per litre, representing a significant shift from the previous week’s estimate. This anticipated decrease is largely attributed to evolving international market conditions.
The COMAC report further details that diesel prices are projected to rise by 1.39%, reaching a potential of GH¢17.73 per litre, a move driven by geopolitical risks and potential supply disruptions in the Strait of Hormuz. The data indicates a divergence in pricing trends; diesel experienced a 2.86% increase, while petrol and LPG prices declined by 5.46% and 2.54%, respectively. Notably, COMAC emphasizes that the mixed movement is influenced by recent developments on the US-Iran dispute and heightened international crude oil prices.
Furthermore, the Chief Executive of the Chamber of Petroleum Consumers (COPEC) has cautioned against immediate price adjustments, stating that most Oil Marketing Companies (OMCs) are expected to maintain their current pricing levels. The COPEC’s statement reflects a strategic approach to managing the impact of rising diesel costs on consumers. The government-industry intervention, which has been ongoing for several years, is anticipated to continue to moderate the impact of higher diesel prices, potentially leading to sustained price reductions if the trend remains stable.
COMAC reports that average crude oil prices have risen by 2.02% to US$90.41 per barrel in mid-August, largely driven by these geopolitical factors. This increase in crude oil prices is contributing to the mixed movement in petroleum product prices. The Nipa has also reported a reduction of 0.93% in the price of Liquefied Petroleum Gas (LPG) – a 0.93% decrease, resulting in a total price decrease of 0.93%. The Nipa has also reported a decrease of 1.78% in the price of the cedi to GH¢11.7995 per US dollar between July 27 and August 11, 2026, representing a 10.48% reduction.
The National Petroleum Authority (NPA) has reduced its price floor for the second pricing window of August, which began on August 16th, to GH¢13.92 per litre, a reduction of 0.61% from the initial floor. The NPA has also reminded OMCs and LPG Marketing Companies not to sell petroleum products below the approved price floors during the pricing window. The report highlights that the cedi has depreciated by 1.20% to GH¢11.7995 per US dollar between July 27 and August 11, 2026, following a strengthening rate of GH¢10.9855 to the dollar. The Bank of Ghana’s rate is currently at GH¢10.9855 to the dollar, reinforcing the current depreciation.
Despite these changes, current pricing trends suggest a cautious approach from many OMCs, with some potentially opting to maintain existing pump prices. The overall market suggests a period of uncertainty regarding the future of petroleum prices in Ghana.”
This dynamic environment underscores the importance of ongoing monitoring and assessment of market conditions to ensure fair and stable pricing for consumers.
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Source: MyJoyOnline
