Accra: Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has advocated for enhanced local refining capacity and a larger allocation of Ghana's crude oil to domestic refineries as strategic measures to mitigate long-term fuel price hikes. His remarks come amid expectations of rising petrol and diesel prices starting September 1, 2026, driven by global increases in crude oil and refined petroleum product prices.
According to Ghana Web, Amoah highlighted the potential for reducing petrol prices by 30 to 40 pesewas per litre, offering some relief to consumers. The Chamber of Oil Marketing Companies (COMAC) has projected a 4.80% increase in petrol prices and a 2.10% rise in diesel prices. Under these projections, petrol is anticipated to cost GHS16.39 per litre, while diesel could reach GHS17.60 per litre.
In an interview on Channel One TV on August 31, 2026, Amoah emphasized the importance of reducing Ghana's reliance on imported refined petroleum products and its susceptibility to international market premiums. He asserted that bolstering local refining capacity and directing more of Ghana's crude oil to local refineries could gradually alleviate fuel price pressures.
Amoah also praised the government's decision to supply crude oil to local refineries as a positive step towards mitigating rising fuel costs. He acknowledged the government's recent intervention, which provided a GHS2 per litre reduction in the regulatory margin on diesel, as a significant relief for consumers. However, he urged for a similar intervention for petrol consumers, suggesting a 30 to 40 pesewas reduction in petrol prices.
'As we speak, petrol is 16, diesel is 17,' he noted, advocating for potential relief measures for petrol buyers. Amoah described the government's efforts as indicative of its sensitivity to consumer challenges.