The Chamber of Petroleum Consumers (COPEC) has called on the government to reduce the price of petrol by between 30 and 40 pesewas per litre, as fuel prices are projected to increase from September 1, 2026.
The call comes as petrol and diesel prices are expected to rise following increases in the international prices of refined petroleum products, despite a strengthening cedi and a slight decline in global crude oil prices.
Projected Price Increases
According to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC), petrol is projected to increase by 4.80% to GH¢16.39 per litre, while diesel is expected to rise by 2.10% to GH¢17.60 per litre.
COPEC’s own projections indicate petrol could reach GH¢16.21 per litre, representing a 5% increase from the current average of GH¢15.43, while diesel may climb to approximately GH¢17.61 per litre from GH¢17.17 .
The projected increases come despite the cedi appreciating by about 2.39% during the pricing window, moving from GH¢11.80 to GH¢11.5166 to the US dollar, and global crude oil prices declining from $90.41 to $89.30 per barrel .
However, COPEC explained that the gains from the stronger cedi and lower crude oil prices have been outweighed by increases in international refined product prices, with petrol’s Free-On-Board (FOB) price increasing by about 10% .
Call for Consumer Relief
Speaking on Channel One Newsroom on Monday, August 31, COPEC Executive Director Duncan Amoah acknowledged the government’s recent intervention to reduce the impact of rising fuel prices, particularly the GH¢2 per litre reduction in the regulatory margin on diesel.
He, however, said a similar intervention should be considered for petrol consumers.
“I am asking if the government can also look at some 30 to 40 pesewas reduction for the price of petrol, because as we speak, petrol is 16, diesel is 17. I do think that maybe some amnesty could also be extended to those who buy petrol such that they could also feel some relief from the government,” he said.
Mr Amoah described the government’s intervention as a demonstration of sensitivity to the difficulties facing consumers.
Government Subsidies and Local Refining
The government has been actively intervening in the fuel market to cushion consumers. Following the Strait of Hormuz disruption in February 2026, which exposed Ghana’s structural vulnerability to external supply disruptions, the government absorbed part of the increase for eight consecutive weeks by subsidizing fuel prices. At certain periods, the state subsidized diesel by 2 cedis per litre .
Mr Amoah also pointed to the government’s decision to supply crude oil to local refineries as another measure that could help reduce pressure on fuel prices. The government has allocated one million barrels of crude oil from the Jubilee Field for processing by local refineries, with the next parcel designated for the Tema Oil Refinery (TOR) .
Expansion projects at both the Tema Oil Refinery and the Sentuo Oil Refinery are expected to enable the two facilities to meet about 70% of Ghana’s domestic demand for refined petroleum products upon completion .
The Tema Oil Refinery was reopened in December 2025 after several years of inactivity and currently processes about 28,000 barrels per day (bpd), well below its installed capacity of 45,000 bpd . The Sentuo Oil Refinery, Ghana’s first privately owned refinery, currently processes up to 40,000 bpd, with a planned expansion to increase capacity to 100,000 bpd .
Long-Term Measures Needed
Mr Amoah stressed the need for longer-term measures to reduce Ghana’s dependence on imported refined petroleum products and exposure to international market premiums.
He said strengthening local refining capacity and directing more of Ghana’s crude oil to domestic refineries could help contain fuel prices in the long term.
Energy Minister Dr John Abdulai Jinapor has emphasized that temporary subsidies cannot replace a sustainable energy policy, calling for long-term investment in domestic refining, strategic petroleum reserves, modern storage infrastructure, and more diversified fuel supply chains .
The government’s vision is to transform Ghana from a country that exports raw crude into one that refines, processes, and creates greater value from its petroleum resources, positioning the nation as a leading energy and petroleum hub in West Africa .
