Petrol, diesel prices set to increase in new September pricing window

Ghanaian motorists are set to face another increase in fuel prices as oil marketing companies begin reviewing pump prices from today, September 1, 2026.

The latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC) points to an upward adjustment in the prices of petrol and diesel during the first pricing window of September.

Petrol is expected to record the bigger increase, with the price of a litre projected to rise by about 4.80% to approximately GH¢16.39.

Diesel is also expected to become more expensive, although the increase is projected to be lower at around 2.10%, bringing the expected pump price to about GH¢17.60 per litre.

Consumers of LPG, however, could receive some relief as the product is projected to record a marginal decline. The expected reduction of 0.93% would put the price at roughly GH¢13.73 per kilogramme.

Why fuel prices are increasing

The latest movement is largely linked to developments in the international oil market.

COMAC reported that crude oil prices have gone up alongside the cost of refined petroleum products, putting pressure on domestic fuel prices.

The average price of crude oil rose from US$90.53 to US$92.11 per barrel, representing an increase of 1.75%.

Market uncertainty has remained a major factor behind the rise. Despite the United States imposing tougher sanctions on Iran, the immediate effect on oil prices was limited.

Concerns over the movement of vessels through the Strait of Hormuz, together with unsuccessful mediation efforts involving Qatar and Pakistan, have continued to create uncertainty in the global oil market.

Refined petroleum products also recorded substantial increases during the period under review.

International petrol prices climbed by 8.86%, while diesel increased by 5.51%. LPG also recorded an upward movement of 3.31% on the international market.

Cedi appreciation offers limited relief

The situation could have been more severe if not for the recent strengthening of the Ghanaian cedi.

The local currency appreciated by 3.64%, reaching an average of GH¢11.3697 against the US dollar based on bank rates recorded between August 12 and August 27.

The appreciation marks a turnaround after three consecutive pricing periods of depreciation and represents the cedi’s strongest level since June 2026.

Despite this improvement, the stronger currency has not been enough to completely absorb the impact of higher crude oil and refined product prices on the international market.

Government steps in to limit diesel increase

The expected increase in diesel prices is also being moderated by a government intervention.

The government has reportedly decided to maintain a GH¢2-per-litre reduction in the regulatory margin on diesel during the first pricing window of September.

The intervention is intended to protect consumers from bearing the full burden of the increase in international fuel prices.

The measure was initially introduced as a temporary relief covering two pricing windows and was expected to expire at the end of August. However, concerns about a possible sharp rise in diesel prices have resulted in its extension.

Without the intervention, the expected price of diesel at the pumps would have been higher.

NPA raises fuel price floor

Meanwhile, the National Petroleum Authority (NPA) has announced new minimum price benchmarks for petroleum products covering September 1 to September 16.

The new price floor places petrol at GH¢14.53 per litre and diesel at GH¢15.60 per litre.

Oil marketing companies are therefore expected to ensure their pump prices do not fall below the approved benchmarks during the period.

The new petrol floor represents an increase of approximately 4.38%, compared with the previous benchmark.

For diesel, the floor has moved from GH¢15.19 to GH¢15.60 per litre, representing an increase of about 2.69%.

LPG is the exception, with its minimum benchmark dropping slightly from GH¢10.98 to GH¢10.85 per kilogramme.

With more than 200 oil marketing companies operating across Ghana, pump prices are expected to vary from one station to another as companies respond to the new market conditions.

Some operators may implement the adjustments immediately, while others could delay their reviews as they monitor competitors before changing their prices.