Weaker cedi, higher oil prices set stage for fuel price hikes
The Ghanaian cedi has weakened against the US dollar, adding pressure to fuel prices as international crude oil and refined petroleum prices continue to rise.
The Chamber of Oil Marketing Companies (COMAC) recorded a 1.27% depreciation in the cedi during the latest pricing window.
The average exchange rate moved from GH¢11.4849 to GH¢11.6321 per US dollar between September 16 and October 1, 2026.
At the same time, international crude oil prices recorded a sharp increase.
The average crude price rose from US$104.01 to US$124.20 per barrel, representing a 19.42% increase.
Refined petroleum products also became more expensive on the international market.
Diesel prices rose by 6.91%, petrol by 2.43%, and LPG by 8.55%.
COMAC links the increases to tighter oil supply conditions, strong demand for physical crude and limited global refinery capacity.
The weaker cedi is adding to the pressure on Ghana’s domestic fuel market.
COMAC projects further increases in petrol, diesel and LPG prices during the October 1–15 pricing window.
“Petrol, diesel and LPG ex-pump prices are projected to increase by 2.12%–3.31%, 3.32%–5.60% and 1.90%–2.25% respectively,” the Chamber stated.
For cash purchases, COMAC projects petrol at GH¢17.67 per litre, diesel at GH¢19.30 per litre and LPG at GH¢16.76 per kilogramme.
For credit purchases, petrol is projected at GH¢17.97 per litre, while diesel is expected to reach GH¢19.60 per litre. LPG is projected at GH¢17.06 per kilogramme.
The latest currency movement also marks a reversal of some of the cedi’s earlier gains.
“The cedi depreciated by 1.27%% to GH¢11.6321/US$ based on average bank rates between 12th and 26th September 2026,” the report stated.
COMAC further reported that the cedi depreciated by 6.12% in the third quarter of 2026.
The pressure on fuel prices is coming from two main factors: higher international petroleum prices and a weaker cedi.
Despite the increases, the government-industry intervention on diesel remains in place. The arrangement is intended to reduce the impact of rising international prices on consumers.
“The higher projected adjustments reflect rising global crude oil, refined-product prices and a weaker cedi,” the report stated.
The latest COMAC outlook highlights the close link between cedi performance, global oil prices and fuel prices in Ghana. These factors will continue to influence the cost of petroleum products at the pump.
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