Diesel Prices Could Rise by 22.91% in October – COPEC

The Chamber of Petroleum Consumers (COPEC) has projected a significant increase in diesel prices for the first pricing window of October 2026, with petrol and Liquefied Petroleum Gas (LPG) also expected to record price increases.

According to COPEC, diesel prices could rise by 22.91%, while petrol prices are projected to increase by 5.21% from Thursday, October 1, 2026.

In a statement issued on Tuesday, September 29, and signed by its Executive Secretary, Duncan Amoah, COPEC attributed the expected increases mainly to higher international petroleum prices and a marginal depreciation of the Ghana cedi against the US dollar.

COPEC projects the average retail price of petrol to rise from GH¢16.90 to GH¢17.78 per litre, while diesel could increase from GH¢18.24 to GH¢22.42 per litre.

LPG is also expected to rise to GH¢15.68 per kilogramme following a 9.10% increase in its international Free on Board (FOB) price.

The Chamber said the global crude oil price rose from $103.07 to $124 per barrel during the pricing window. Over the same period, the Ghana cedi depreciated by approximately 1.20% against the US dollar, moving from an average interbank rate of GH¢11.4830 to GH¢11.6211.

For petrol, COPEC reported a 4.26% increase in the FOB price, from $1,251.07 to $1,304.39 per metric tonne. It projects pump prices to range between GH¢16.89 and GH¢18.67 per litre within a ±5% margin around its forecast.

Diesel’s FOB price also increased from $1,404.73 to $1,524.22 per metric tonne, representing an 8.51% rise. COPEC expects diesel pump prices to range between GH¢19.40 and GH¢21.44 per litre.

For LPG, the international FOB price increased from $712.43 to $777.59 per metric tonne. COPEC therefore projects a retail price of GH¢15.68 per kilogramme, with prices expected to range between GH¢14.89 and GH¢16.48.

COPEC has appealed to Oil Marketing Companies (OMCs) to absorb part of the anticipated increases by reducing some of their margins in order to limit the impact on consumers.

The Chamber also commended the government for maintaining crude oil supplies to local refineries and called for an accelerated expansion of the Tema Oil Refinery (TOR).

It urged the government to increase TOR’s refining capacity from the current 45,000 barrels per day to 100,000 barrels per day, arguing that the expansion could help reduce Ghana’s dependence on imported finished petroleum products.