Brent crude tops $100 as China suspends fuel exports for October

The Chamber of Oil Marketing Companies (COMAC) has forecasted marginal increases in fuel prices starting October 1, 2026, as part of the first pricing window for the month. Petrol prices could rise by up to 3.31%, potentially reaching GH¢17.91 per litre, while diesel could increase by 3.32% to 5.60%, with the price possibly hitting GH¢19.60 per litre.

LPG is expected to see a 2.25% increase, with the price projected at approximately GH¢17.06 per kilogram. The price hikes are primarily attributed to rising international crude oil and refined petroleum product prices, combined with the depreciation of the cedi. COMAC highlighted that international oil prices have increased due to strong demand for physical crude and supply disruptions in the Middle East, as well as progress towards reopening the Strait of Hormuz.

However, traders remain cautious due to conflicting signals about a potential US-Iran ceasefire and uncertainty surrounding measures to contain rising fuel prices. The National Petroleum Authority (NPA) has also raised the price floors for petroleum products for the October pricing window, with petrol increasing from GH¢16.00 to GH¢16.45 per litre, diesel from GH¢16.77 to GH¢17.97 per litre, and LPG from GH¢10.97 to GH¢11.10 per kilogram.

Brief written by urgent.news from Joy Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.