Fuel prices are expected to rise from today, Monday, November 17, as Oil Marketing Companies (OMCs) begin adjusting pump rates following the latest two-week pricing window.
Projections from the Chamber of Oil Marketing Companies (COPEC) show expected increases of between 1% and 4% per litre across major petroleum products.
Some OMCs told JOYBUSINESS they will implement the new prices immediately, while others plan to monitor market competition before taking action.
COPEC’s Pricing Outlook Report attributes the upward adjustments primarily to rising global crude oil prices.
International crude climbed by 2.95% in mid-November, moving from $62.82 to $64.67 per barrel due to heightened risks linked to global tariff disputes, the U.S. government shutdown and fresh sanctions on Russian oil.
Correspondingly, petrol increased by 3.85%, diesel by 12% and LPG by 6.97% on the world market.
Although the cedi strengthened slightly, appreciating from GH¢11.12 to GH¢10.94 during the pricing window, COPEC noted that the gains were not strong enough to offset the impact of rising global prices.
OMCs added that without the currency’s improvement, domestic pump prices could have risen more sharply.
Databank Research has warned of modest short-term pressure on the cedi, citing reduced foreign exchange supply, even as the country anticipates a $300 million IMF inflow and improved investor sentiment from recent rating upgrades.
Industry forecasts indicate petrol may retail at about GH¢13.15 per litre, representing a rise of up to 3.54%, while diesel could reach roughly GH¢13.60 following increases of up to 3.82%. LPG is also expected to go up between 1.32% and 3.53%.
Despite the projected upward movement, COPEC data shows that some companies cut prices by as much as 12%, 7% and 4% in earlier weeks, averaging a 6.96% reduction, one of the most significant drops recorded this year.
