Ghanaians could soon enjoy some relief at the pumps as fuel prices are projected to decline significantly from June 16, 2026, under the second pricing window of the month.
The expected reductions, announced in the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC), are likely to ease transportation costs and operational expenses for businesses that rely heavily on fuel.
Petrol is forecast to experience the largest reduction, with prices expected to fall by 9.31 per cent. Diesel is projected to decrease by 1.65 per cent, while liquefied petroleum gas (LPG) is expected to record a marginal decline of 0.52 per cent.
According to COMAC, the anticipated price cuts are largely the result of a sharp decline in international refined petroleum product prices. The Chamber noted that this represents the most significant drop in global fuel product prices recorded since the beginning of 2026.
Global crude oil prices also moved lower during the pricing period. The price of crude oil declined from US$110.59 per barrel to US$97.32 per barrel, representing a 12 per cent decrease. Refined product prices followed a similar trend, with LPG dropping by 19.94 per cent, petrol by 15.21 per cent, and diesel by 10.17 per cent.
Despite the favourable international market conditions, the full benefits of the reductions are being moderated by a slight depreciation of the Ghana cedi. The local currency weakened from GH¢11.59 to GH¢11.80 against the US dollar during the pricing window, representing a depreciation of 2.45 per cent.
COMAC explained that diesel prices are expected to decline only modestly because of the complete removal of the government-industry intervention mechanism that previously helped cushion prices. LPG prices, on the other hand, remain affected by supply contracts and tender arrangements that continue to influence procurement costs.
Meanwhile, the National Petroleum Authority (NPA) has announced lower benchmark price floors for petroleum products for the second pricing window of June.
The minimum benchmark price for petrol has been reduced to GH¢13.39 per litre from GH¢15.20 per litre during the first pricing window, representing a drop of GH¢1.81 per litre or nearly 12 per cent.
Diesel’s benchmark price floor has been lowered to GH¢15.11 per litre from GH¢15.49 per litre, a reduction of GH¢0.38 per litre or about 2.5 per cent.
For LPG, the benchmark price floor has been revised downward to GH¢13.23 per kilogram from GH¢13.48 per kilogram, representing a decrease of GH¢0.25 per kilogram or approximately 1.9 per cent.
The revised price floors serve as the minimum benchmark rates at which Oil Marketing Companies and LPG Marketing Companies are expected to sell fuel products during the second half of June.
Industry observers say the expected reductions could provide temporary relief for households, transport operators, and businesses grappling with the high cost of energy, while also helping to moderate inflationary pressures in the economy.
By: Janice Opoku-Agyemang
