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Consumers should prepare for a slight increase in fuel prices in the first pricing window of March 2026, as the Chamber of Petroleum Consumers (COPEC) projects upward adjustments at the pumps.
In its latest pricing outlook, COPEC indicated that petrol and diesel are expected to record marginal increments, while Liquefied Petroleum Gas (LPG) could see a slight reduction.
“Petroleum prices beginning the 1st window of March 2026 are expected to see some marginal increments across the pumps,” the Chamber stated.
According to COPEC’s projections, petrol prices are expected to increase by 3.59%, driven largely by movements in international market indicators.
The Chamber explained that the international Free On Board (FOB) price of petrol rose from $652.64 per metric tonne to $685.27 per metric tonne, a 5.03% increase, during the pricing window. This was despite a marginal appreciation of the Ghana cedi against the US dollar.
The cedi strengthened slightly from an average interbank rate of GH¢11.0990 to GH¢11.0723 to the dollar, representing a 0.24% appreciation. However, this gain was insufficient to offset the upward pressure from rising international product prices.
Diesel is also projected to increase by 1.52%, with retail prices expected to range between GH¢12.73 per litre and GH¢14.00 per litre within a ±5% margin of COPEC’s forecast.
In contrast, LPG may provide modest relief to consumers. COPEC projects a 1.57% decline in LPG prices, citing a drop in international FOB prices from $508.77 per metric tonne to $503.59 per metric tonne, representing a 1.5% decrease.
Factoring in the cedi’s marginal appreciation, LPG is expected to sell between GH¢11.48 per kilogram and GH¢12.69 per kilogram, within a ±5% range.
COPEC further attributed the projected changes to movements in global crude oil prices. Benchmark crude prices rose by approximately 1.25%, increasing from $70.90 per barrel to $71.79 per barrel during the review period.
The Chamber noted that although the currency showed some resilience, local fuel prices remain highly sensitive to fluctuations in global crude benchmarks and refined product prices.
Despite the projected increases, COPEC has urged Oil Marketing Companies (OMCs) to exercise restraint in implementing the adjustments.
“It is the expectation of COPEC that the various Oil Marketing Companies would maintain prices across the pumps in order not to overburden the consumer with these expected increments in the coming window,” the Chamber stated.