Fuel prices set to rise from September 1 as NPA raises price floor, COPEC projects higher pump costs

Starting from September 1, 2026, Ghanaian fuel consumers can anticipate higher pump prices as the National Petroleum Authority (NPA) raised the price floor for petroleum products. This new price floor stands at GH¢14.53 per litre for petrol and GH¢15.60 per litre for diesel, set to be in effect from the beginning to the end of September 2026. The NPA cautions Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) against selling petroleum products below this approved minimum.

However, the Chamber of Petroleum Consumers Ghana (COPEC) projects that actual retail prices will likely exceed these new floors, and will be higher than existing pump prices. This projection is based on a decrease in global crude oil prices, which dropped from $90.41 to $89.30 per barrel, and the strengthening of the Ghana cedi against the US dollar, appreciating by around 2.39 percent.

Despite these favorable market conditions, COPEC anticipates movements in the Free-On-Board (FOB) prices of refined petroleum products will outweigh these gains, leading to higher pump prices.

COPEC predicts that petrol could sell for around GH¢16.21 per litre, marking a 5 percent increase from the current mean price of GH¢15.43 per litre. Diesel is expected to rise to approximately GH¢17.61 per litre, a 2.58 percent increase from the current mean price of GH¢17.17 per litre. LPG is also forecasted to see a marginal increase, with COPEC projecting a price of roughly GH¢14.19 per kilogramme.

If the Oil Marketing Companies (OMCs) adhere to COPEC's projections, motorists may face higher costs at filling stations from the beginning of September. These increased fuel costs could have cascading effects on transport fares and the prices of goods that rely on fuel and transportation costs. Additionally, households using LPG for cooking should prepare for a modest rise in refill expenses during this new pricing period.