Fuel prices set to rise from July 16

Motorists should brace for higher fuel prices starting Thursday, July 16, 2026, as oil marketing companies prepare to raise pump prices.

According to the latest industry pricing outlook from the Chamber of Oil Marketing Companies (COMAC), petrol, diesel and LPG are all expected to see price increases during the second pricing window in July.

The increase comes after earlier projections suggested fuel prices could decline, supported by the cedi’s relative stability and moderate movements in international petroleum prices over the past two weeks.

Price Breakdown

Data from COMAC indicate that petrol prices are expected to increase by between 3.79% and 5.31%, with a litre likely to sell for about GH¢14.52.

Diesel is expected to increase by about 7 pesewas per litre, pushing the pump price to around GH¢16.00 per litre.

LPG is also projected to increase by between 1.10% and 1.30% per kilogram.

According to COMAC, the increases are being driven by renewed geopolitical tensions, which have pushed up international crude oil and refined petroleum product prices amid concerns over supply disruptions and shipping security through the Strait of Hormuz.

The Chamber also noted that the Ghana cedi weakened slightly during the pricing period. For the July 16 pricing window, the exchange rate moved from GH¢11.4333 to GH¢11.4970 per US dollar, representing a 0.55% depreciation. 

International oil prices have also experienced sharp swings. Average crude prices initially declined by 7.96%, from US$78.12 per barrel to US$71.90 per barrel.

However, prices rebounded after reports of a ceasefire breach on July 7 and 8. By July 14, Brent crude had climbed above US$84 per barrel following reports of Iranian missile strikes on two UAE tankers, heightening concerns over shipping through the Strait of Hormuz.

The renewed uncertainty has restored a geopolitical risk premium to the oil market, reversing part of the earlier decline in crude prices.

Among refined petroleum products, diesel recorded the largest increase at 8.14%, followed by petrol at 4.96%, while LPG prices declined marginally by 0.92% on the international market.

NPA Raises Price Floors

The National Petroleum Authority (NPA) has also increased its price floors for the second pricing window of July.

A notice to industry players, sighted by JOYBUSINESS, shows that the price floor for petrol has been raised from GH¢12.79 to GH¢13.28 per litre, representing a 3.83% increase.

The diesel price floor has also been increased from GH¢13.54 to GH¢14.35 per litre, a 5.98% jump.

The LPG price floor has been adjusted upward by 0.79% per kilogram.

The revised NPA price floors reinforce expectations that fuel prices will rise nationwide starting Thursday, July 16, 2026.