Fuel prices expected to drop again from July 16 – COMAC CEO

The Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has announced that petroleum prices are expected to decline at filling stations from July 16, 2026, citing favourable developments on the international oil market and the relative stability of the Ghana cedi.

Speaking on PM EXPRESS Business Edition with host George Wiafe on July 9, Dr. Oppong said current market indicators point to another reduction in fuel prices during the second pricing window of the month.

“Our projections indicate that prices should come down from July 16. Even if market conditions change unexpectedly, we are likely to maintain the current prices rather than increase them,” he said.

According to Dr. Oppong, the cedi’s stable performance over the past month has also contributed significantly to the positive outlook for fuel prices.

“Another development that has helped with this projection is that the cedi has remained relatively stable over the past month, and this could lead to a significant reduction in pump prices,” he added.

Dr. Oppong also dismissed suggestions that oil marketing companies are often slow to pass on price reductions to consumers when market conditions improve.

He stressed that the industry would respond promptly to the anticipated decline in fuel costs, noting that oil marketing companies have previously adjusted prices quickly whenever conditions allowed.

On the ongoing debate over fuel price floors, the COMAC Chief Executive reaffirmed his support for the policy, describing it as an industry-backed regulatory measure that has helped stabilise the downstream petroleum sector.

“This regulatory action has gone a long way in protecting many players within the industry,” he stated.

Price Floor Adjustments

Last month, the National Petroleum Authority (NPA) reduced the minimum fuel price floors for the June 16–30 pricing window.

The price floor for petrol was lowered from GH¢15.20 per litre during the first half of June to GH¢13.39 per litre, while diesel’s price floor was revised from GH¢15.49 to GH¢15.11 per litre.

The NPA directed all oil marketing companies to comply with the revised minimum prices, prohibiting the sale of fuel below the approved price floors.

The adjustment came after the government ended its intervention policy that had been introduced to cushion consumers against rising global crude oil prices.

According to COMAC, the fuel price reductions implemented from July 1, 2026, were largely driven by declining global crude oil prices and lower international prices for refined petroleum products.

The fall in crude oil prices has been linked to weaker oil imports by China, record-high crude exports from the United States, and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).

Prince Antwi

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