Consumers are being advised to prepare for a modest increase in fuel prices in the first pricing window of March 2026, as pump prices are projected to edge upward.
The Chamber of Petroleum Consumers (COPEC) has indicated that petroleum products are likely to record slight upward adjustments at retail outlets. According to its projections, petrol may climb by 3.59 per cent, diesel by 1.52 per cent, while LPG is expected to dip by 1.57 per cent across various stations.
COPEC attributes the anticipated increments to movements in global crude oil benchmarks and rising international Free On Board (FOB) prices, despite a marginal strengthening of the cedi against the US dollar.
On the global front, crude prices inched up by about 1.25 per cent, moving from $70.90 per barrel to $71.79 per barrel. Meanwhile, the cedi appreciated slightly, shifting from an average interbank rate of $1 to GHS11.0990 at the beginning of the pricing window to $1 to GHS11.0723, reflecting a 0.24 per cent gain.
For petrol, the international FOB price rose from $652.64 per metric tonne to $685.27 per metric tonne — a 5.03 per cent jump. After factoring in the modest currency appreciation, COPEC estimates a 3.59 per cent rise in pump prices. As a result, petrol is expected to retail between GHS11.8 per litre and GHS13 per litre, within a margin of plus or minus five per cent of the projection.
Diesel is also projected to record a marginal increase. With its FOB price advancing from $695.94 per metric tonne to $711.86 per metric tonne — a 2.29 per cent rise — and the cedi’s 0.24 per cent appreciation considered, diesel prices could increase by 1.52 per cent. Pump prices are therefore forecast to range between GHS12.73 per litre and GHS14.0 per litre, within a similar five per cent band.
Despite the projected hikes, COPEC is urging Oil Marketing Companies to exercise restraint and avoid passing on the full adjustments to consumers, in order to ease the burden at the pumps.
Although described as marginal, the expected changes underscore the continued vulnerability of domestic fuel prices to fluctuations on the international market.
Source: Wesleyannews.com
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