By: OrePulse

Ghana's Chamber of Oil Marketing Companies (COMAC) is warning of significant price hikes across petrol, diesel and liquefied petroleum gas (LPG) for the country's second pricing window, which opened on September 16, as a supply crisis in the Gulf region combines with a softening cedi to drive up the cost of imported fuel.

According to COMAC's projections, petrol prices are expected to climb between 7.75% and 9.63%, while diesel could rise between 4.26% and 6.97%. LPG prices are forecast to increase more modestly, in the range of 0.85% to 3.22%. In concrete terms, this would push the minimum petrol price up to GH¢16 per litre — a jump of GH¢1.47 — while diesel's price floor would rise to GH¢16.77 per litre, an increase of GH¢1.17. LPG's minimum price is projected to reach GH¢10.97 per kilogramme, up GH¢0.12 from current levels.

COMAC pointed to turmoil in international crude markets as the primary driver behind these projected increases, citing attacks on vessels in the Gulf region alongside tightening supply conditions following Saudi Arabia's decision to shut down a major crude oil pipeline.

Crude oil prices have climbed substantially as a result, rising 12.29% to reach $104.01 per barrel — the first time prices have crossed the $100 mark since May, according to COMAC's data. The organization noted that Saudi Arabia's closure of its East-West pipeline has placed roughly 4 million barrels of supply at risk, adding further strain to a market already under pressure from ongoing U.S.-Iran tensions and Houthi activity in the region.

Compounding the situation, Ghana's currency has also lost ground during the period COMAC monitored, with the cedi weakening by 1.01% against the U.S. dollar — moving from its late-August level to GH¢11.4849 per dollar by mid-September. This depreciation adds another layer of cost pressure on top of rising global fuel prices.

International prices for refined petroleum products moved upward in step with crude oil. Petrol prices climbed from $1,126 to $1,275 per metric tonne, diesel rose from $1,319.11 to $1,418 per metric tonne, and LPG increased from $616 to $717.59 per metric tonne over the same period, according to COMAC's figures.

For Ghanaian consumers and businesses, this means a noticeably higher cost burden at the pump and for cooking fuel starting with this pricing window, as the country's overall fuel import bill climbs alongside global crude benchmarks. Because Ghana relies heavily on imported refined petroleum products, domestic pump prices remain tightly linked to both international crude and product markets, as well as fluctuations in the cedi's value against the dollar.

These anticipated price increases are likely to ripple through Ghana's broader economy, given how directly fuel costs feed into transportation fares, food prices, and the general cost of doing business across the country.

COMAC's figures are projections for the pricing window and could be revised once individual fuel marketing companies finalise their official prices.