Fuel relief at the pump as petrol set to drop, but LPG consumers face sharp 21% price hike

Ghanaian motorists could enjoy some relief at the fuel pump from 16 November, with the Chamber of Oil Marketing Companies (COMAC) projecting petrol prices to fall by as much as 8.23% and diesel prices to follow suit. However, households that depend on liquefied petroleum gas (LPG) for cooking are bracing for a significant blow, with COMAC forecasting a 21.10% jump per kilogram — a development likely to squeeze family budgets already under pressure from the cost of living.

What the numbers say

According to COMAC's latest projections, petrol could sell at approximately GH¢15.62 per litre after the anticipated reduction, down from current levels. Diesel prices are expected to decline by between 1.79% and 4.42%, bringing the price to around GH¢18 per litre. LPG, on the other hand, could rise sharply to GH¢23.17 per kilogram.

These figures are projections rather than guaranteed outcomes. Final retail prices will depend on the individual pricing decisions of oil marketing companies, which are free to set their own margins within the framework established by the National Petroleum Authority (NPA).

The NPA has set minimum price floors of GH¢13.69 per litre for petrol and GH¢16.73 per litre for diesel. These are benchmarks only and do not include the various premiums, operating margins, and charges applied independently by bulk importers, distributors, and marketing companies.

Several oil marketing companies have already begun adjusting their prices ahead of the official 16 November pricing window. Star Oil — which has cut prices three times in the past week — is currently selling petrol at GH¢15.55 per litre and diesel at GH¢18.37 per litre. Allied is offering petrol at GH¢15.50 and diesel at GH¢18.20, while JP has lowered its petrol price from GH¢16.43 in mid-October to GH¢15.95. Some of these prices are already below COMAC's projected figure of GH¢15.62 per litre.

Why international markets are driving the changes

COMAC attributes the expected drop in petrol and diesel prices to a significant fall in international refined product prices. Crude oil declined by 16.14% to US$104.25 per barrel during the review period — the first major drop since August 2026. The chamber points to easing geopolitical tensions, expectations of de-escalation in the Middle East, and a recovery in OPEC+ output to 41.23 million barrels per day as the key factors behind the decline.

International petrol prices fell 16.30% while diesel dropped 5.13%. Notably, international LPG prices also fell — by 6.42% — yet domestic LPG prices are still expected to rise. COMAC explains this apparent contradiction by pointing to a delayed pass-through effect: price increases from earlier tender arrangements have not yet been fully reflected in domestic LPG pricing, and consumers are now absorbing that lag.

On the currency front, the cedi depreciated by only 0.15% between 28 October and 11 November, providing some relief and limiting additional exchange-rate pressure on fuel costs. The government-industry intervention mechanism also continues to cushion diesel consumers against the full force of price pressures.

Why it matters for Ghana

Fuel prices are one of the most politically and economically sensitive issues in Ghana. When petrol and diesel prices move, the effects ripple immediately through transport fares, food prices, and the cost of doing business — meaning that even modest reductions can offer meaningful relief to ordinary Ghanaians.

The LPG situation, however, deserves particular attention. Ghana has for years promoted LPG as a cleaner and safer alternative to charcoal and firewood, particularly for low-income households. A 21% price increase per kilogram risks pushing vulnerable families back towards cheaper but more harmful cooking fuels, potentially reversing public health and environmental gains made in recent years.

• The timing of the increase — during a period when households are already managing higher costs across food, utilities, and transport — makes it especially burdensome for those in lower-income brackets.
• Petroleum pricing reviews in Ghana occur on the 1st and 16th of each month, giving consumers and businesses a regular window to plan ahead.
• Policymakers and the NPA will likely face calls to review LPG subsidy arrangements or tender pricing structures to prevent repeated delayed price shocks of this nature.

Consumers are advised to compare prices across oil marketing companies, as retail prices can vary — and in some cases, companies have already moved below the projected COMAC benchmark for petrol.