Fuel prices expected to drop from July 1; see projected prices

Josephine Amuzu 07:41 - 30 June 2026

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Fuel prices to drop in first July pricing window – COPEC forecast

COPEC projects a drop in petrol, diesel and LPG prices from July 1, citing falling global crude oil prices and a stronger cedi. Consumers are expected to enjoy relief at the pumps as fuel prices decline in the first pricing window of July.

COPEC forecasts a reduction in petrol, diesel and LPG prices starting July 1 due to lower global crude oil prices and cedi appreciation. P
etrol is expected to drop to an average of GH¢13.36 per litre, while diesel could fall to GH¢14.10 per litre, with LPG also projected to decline.
The group is urging oil marketing companies to pass on the expected reductions to consumers in the upcoming pricing window.

Motorists and households could begin paying less for fuel from Wednesday, July 1, as the Chamber of Petroleum Consumers (COPEC) predicts a reduction in the prices of petrol, diesel and liquefied petroleum gas (LPG).

COPEC says the expected price cuts are being driven by lower crude oil prices on the international market and the continued strengthening of the Ghana cedi against the US dollar.

According to the chamber, global crude oil prices have dropped by 19.69%, falling from $97.32 per barrel to $78.16 per barrel during the current pricing window.

At the same time, the cedi appreciated by 3.14%, helping to lower the cost of importing petroleum products.

For petrol, COPEC noted that the international Free-on-Board (FOB) price declined by 6.92%. As a result, it projects an average pump price of GH¢13.36 per litre, down from the current average of GH¢14.24 per litre, representing a 6.21% decrease.

The chamber expects petrol prices to range between GH¢12.69 and GH¢14.03 per litre during the first pricing window of July, depending on the pricing decisions of individual Oil Marketing Companies (OMCs).

Diesel is expected to record the biggest reduction. Following a 15.18% fall in its international FOB price, COPEC estimates an average retail price of GH¢14.10 per litre, down from the current average of GH¢16.26 per litre.

This represents a 13.28% decrease. Retail diesel prices are expected to vary between GH¢13.39 and GH¢14.80 per litre.

Liquefied petroleum gas (LPG) is also forecast to become more affordable after international FOB prices declined by 15.96%. COPEC estimates LPG could sell for between GH¢9.54 and GH¢10.55 per kilogram during the upcoming pricing window.

The consumer advocacy group has called on Oil Marketing Companies to reflect these favourable market conditions in their pump prices, saying consumers and businesses should benefit from the reductions without delay.

COPEC also praised the government's decision to allocate part of Ghana's share of crude oil from the Jubilee Field to local refineries. It believes the move will reduce the country's dependence on imported refined fuel, support the cedi and help improve long-term fuel price stability.

Meanwhile, the National Petroleum Authority (NPA) has also lowered the price floors for the first pricing window of July.

The new minimum prices have been set at GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel, and GH¢10.11 per kilogram for LPG.

The price floors represent the lowest prices at which Oil Marketing Companies and LPG Marketing Companies are allowed to sell the products during the pricing period.

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