Petrol, diesel prices set to fall from Oct. 16 as LPG faces 18.5% hike
Petrol and diesel prices are expected to fall marginally at the pumps from Friday, October 16, 2026, while liquefied petroleum gas (LPG) could see an 18.5% increase per kilogram.
Breakdown
Petrol is projected to decline by almost 2% to GH¢17.67 per litre, while diesel could fall by 3.32% to GH¢19.30 per litre.
LPG, however, is expected to rise by 18.5% to GH¢20.60 per kilogram.
During the October 1 pricing window, most oil marketing companies maintained their prices following a GH¢2 levy on diesel and a government intervention in which Tema Oil Refinery and Sentuo Oil supplied refined products to the companies at previous prices.
The Chamber attributed the projected adjustments to developments on the international market and recent government subsidy measures.
In its report, the Chamber said average crude oil prices rose by 2.03% to US$126.73 per barrel for the October 16 pricing window.
It attributed the increase to renewed supply concerns, as Ukraine questioned a proposed US-backed energy ceasefire and Saudi Arabia faced fresh attacks amid the war with Iran.
Prices of refined petroleum products, however, recorded mixed movements. LPG rose by 7.77%, while diesel fell by 6.68% and petrol declined by 3.93%.
The Chamber said the cedi had lost more than 11% against the dollar so far this year, with seasonal import demand and higher energy costs continuing to put pressure on the currency.
Despite these developments, petrol and diesel prices are expected to see only modest reductions at the pumps, in line with projections from several analysts earlier this month.
NPA lowers petrol and diesel price floors
The National Petroleum Authority (NPA) has also reduced the minimum prices for petrol and diesel for the October 16 pricing window.
The diesel price floor has also been reduced from GH¢17.97 to GH¢17.09 per litre.
The LPG price floor, however, has increased from GH¢11.10 to GH¢13.87 per kilogram.
The NPA said these price floors exclude premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and margins charged by Oil Marketing Companies and LPG Marketing Companies.
