Accra: Motorists and households in Ghana are poised to benefit from lower fuel prices starting Wednesday, July 1, 2026, as the Chamber of Petroleum Consumers (COPEC) forecasts a reduction in the prices of petrol, diesel, and liquefied petroleum gas (LPG).
According to Ghana Web, COPEC attributes the anticipated price drop to a notable decline in crude oil prices on the international market as well as the continued strengthening of the cedi against the US dollar. In a statement, the Chamber highlighted that global crude oil prices fell by 19.69 per cent during the current pricing window, dropping from US$97.32 per barrel to US$78.16 per barrel. Additionally, the cedi appreciated by 3.14 per cent against the dollar, creating favorable conditions for lower fuel prices.
For petrol, COPEC indicated that the international Free-on-Board (FOB) price declined by 6.92 per cent, translating into a projected average pump price of GHS13.36 per litre, down from the current average of GHS14.24 per litre. The Chamber expects oil marketing companies to sell petrol at prices ranging between GHS12.69 and GHS14.03 per litre, depending on their pricing policies.
Diesel is projected to see the largest reduction, with its international FOB price dropping by 15.18 per cent. COPEC estimates an average retail price of GHS14.10 per litre, compared to the current average of GHS16.26. Pump prices are expected to range between GHS13.39 and GHS14.80 per litre.
Liquefied Petroleum Gas (LPG) is also expected to become more affordable following a 15.96 per cent decline in its international FOB price. COPEC projects consumers could pay between GHS9.54 and GHS10.55 per kilogram during the first pricing window of July.
The Chamber has urged oil marketing companies to reflect the favorable market conditions in their pump prices without delay to ease the financial burden on consumers and businesses. COPEC also welcomed the government's decision to allocate part of Ghana's crude oil entitlement from the Jubilee Field to local refineries, suggesting that this initiative could reduce dependence on imported refined petroleum products, support the cedi, and promote greater stability in domestic fuel prices over the long term.