Ghanaian motorists and businesses will face heavier fuel costs from tomorrow, Thursday, July 16, as oil marketing companies implement fresh pump price hikes, according to the latest industry forecast from the Chamber of Oil Marketing Companies (COMAC).
The upward adjustment, affecting petrol, diesel, and LPG, reverses earlier expectations of a price drop, buoyed by a stable cedi and moderate international crude movements over the preceding fortnight.
Petrol is set to go up by 3.79%–5.31%, selling at approximately GHC14.52/litre; diesel will rise by about 7 pesewas/litre to GHC16.00/litre; and LPG is expected to climb by 1.10%–1.30% per kilogramme
COMAC attributes the reversal to escalating geopolitical risks, particularly renewed instability in the Middle East. Crude prices had initially softened by nearly 8%, from US$78.12 to US$71.90 per barrel, but staged a sharp recovery following a ceasefire breach on July 7–8.
By July 14, Brent crude had surged past US$84 per barrel after reports of Iranian missile strikes on two UAE tankers, reigniting fears over supply disruptions and shipping security through the strategic Strait of Hormuz.
Among refined products, diesel saw the steepest international price jump at 8.14%, followed by petrol at 4.96%, while LPG edged down 0.92% globally.
The local currency also contributed to the uptick. Over the pricing window, the cedi depreciated 0.55% against the US dollar, moving from GHC11.4333 to GHC11.4970, further inflating import costs for finished petroleum products.
The National Petroleum Authority (NPA) has reinforced the upward trend by raising its price floors for the second July window. Effective July 16, the floor for petrol climbs 3.83% to GHC13.28/litre, diesel jumps 5.98% to GHC14.35/litre, and LPG rises 0.79% per kilogramme.
With these regulatory benchmarks now in place, industry watchers confirm that pump prices will rise uniformly across the country from Thursday.
Motorists are advised to plan accordingly as the combined impact of global tensions and currency pressures filters through to the forecourts.
