COPEC predicts lower fuel prices from July 1 as global oil prices fall

Motorists and households could enjoy lower fuel prices from Wednesday, July 1, 2026, as the Chamber of Petroleum Consumers (COPEC) projects reductions in the prices of petrol, diesel and liquefied petroleum gas (LPG).

According to COPEC, the expected decline is being driven by falling crude oil prices on the international market and the continued appreciation of the cedi against the US dollar.

In a statement, the Chamber said global crude oil prices dropped by 19.69 per cent during the current pricing window, falling from US$97.32 per barrel to US$78.16 per barrel. It added that the cedi strengthened by 3.14 per cent against the dollar over the same period, creating favourable conditions for lower pump prices.

For petrol, COPEC noted that the international Free-on-Board (FOB) price declined by 6.92 per cent, resulting in a projected average retail price of GH¢13.36 per litre, down from the current average of GH¢14.24 per litre.

The Chamber expects oil marketing companies to sell petrol at prices ranging between GH¢12.69 and GH¢14.03 per litre, depending on their pricing strategies.

Diesel is expected to record the largest price reduction after its international FOB price fell by 15.18 per cent. COPEC forecasts an average pump price of GH¢14.10 per litre, compared with the current average of GH¢16.26. Retail prices are projected to range between GH¢13.39 and GH¢14.80 per litre.

LPG is also expected to become more affordable following a 15.96 per cent decline in its international FOB price. COPEC estimates consumers could pay between GH¢9.54 and GH¢10.55 per kilogram during the first pricing window of July.

The Chamber has called on oil marketing companies to pass on the benefits of the favourable market conditions to consumers by adjusting pump prices accordingly. It said timely reductions would help ease the financial burden on households, businesses and transport operators.

COPEC also welcomed the government’s decision to allocate part of Ghana’s crude oil entitlement from the Jubilee Field to local refineries, describing the move as a positive step towards reducing reliance on imported refined petroleum products. The Chamber believes the initiative could strengthen the cedi further and contribute to greater stability in domestic fuel prices over the long term.

Prince Antwi

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