Petrol and diesel prices are expected to fall slightly at the pumps from Friday, October 16, 2026, while liquefied petroleum gas (LPG) could rise by 18.5% per kilogram, according to the Chamber of Oil Marketing Companies' pricing outlook for the next pricing window.

Projected prices

- Petrol: down by almost 2% to GH¢17.67 per litre

- Diesel: down by 3.32% to GH¢19.30 per litre

- LPG: up by 18.5% to GH¢20.60 per kilogram

During the October 1 pricing window, most oil marketing companies kept their prices unchanged after a GH¢2 levy on diesel. This followed a government intervention in which Tema Oil Refinery and Sentuo Oil supplied refined products to the companies at previous prices.

Reasons for the changes

The Chamber attributed the projected adjustments to developments on the international market and recent government subsidy measures.

Average crude oil prices rose by 2.03% to US$126.73 per barrel for the window. The Chamber linked this to renewed supply concerns, as Ukraine questioned a proposed US-backed energy ceasefire and Saudi Arabia faced fresh attacks amid the war with Iran.

Refined product prices moved differently. LPG rose by 7.77%, while diesel fell by 6.68% and petrol fell by 3.93%.

The cedi depreciated by 1.61% to GH¢11.8222 to the US dollar, based on average bank rates between September 26 and October 11, 2026. The Chamber said the currency has lost more than 11% against the dollar this year, with seasonal import demand and higher energy costs continuing to put pressure on it.

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 window, according to market data sighted by Joy Business.

- Petrol: from GH¢16.45 to GH¢16.09 per litre

- Diesel: from GH¢17.97 to GH¢17.09 per litre

- LPG: up from GH¢11.10 to GH¢13.87 per kilogram

The NPA said the price floors exclude premiums charged by International Oil Trading Companies (IOTCs), the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and the margins of Oil Marketing Companies and LPG Marketing Companies. These are set by the respective companies under the Petroleum Products Pricing Formula.