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

Starting October 1, 2026, petrol prices in Ghana are expected to rise by up to 3.31%, potentially reaching approximately GH¢17.91 per litre, according to the Chamber of Oil Marketing Companies (COMAC). Diesel prices may increase by 3.32% to 5.60%, possibly hitting GH¢19.60 per litre. Liquefied Petroleum Gas (LPG) is anticipated to climb by around 2.25%, ultimately reaching about GH¢17.06 per kilogram.

The price hikes are primarily driven by surging crude oil and refined petroleum product costs on the global market and the depreciation of the cedi. The Chamber noted that global crude oil prices surged by 19.42% to US$124.20 per barrel for the October 1 pricing window, while all refined petroleum products also saw price increases, with LPG experiencing the highest rise of 8.55%.

Factors such as heightened demand for physical crude, intermittent supply disruptions in the Middle East, and uncertainties surrounding a possible US-Iran ceasefire have contributed to the upward pressure on oil prices. Additionally, the Russia-Ukraine war and U.S. measures to curb fuel prices have added to the pressure on diesel prices.

The Ghanaian cedi depreciated by 1.27% to GH¢11.6321 to US$1, marking a reversal from its strong performance in the first quarter of 2026. Nonetheless, the National Petroleum Authority (NPA) has raised the price floors for petroleum products for October, 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.

The NPA's price floors exclude additional charges imposed by International Oil Trading Companies, BIDECs, or oil marketing entities.