Fuel Prices Expected To Drop At Pumps From July 16 — COMAC CEO
Prices of petroleum products are expected to decline at fuel stations across the country from July 16, 2026, following favourable developments on the international market and relative stability of the Ghana cedi.
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, said the projected reduction is based on current market trends and exchange rate movements.
Speaking on Joy Dr. Oppong explained that even under less favourable global conditions, fuel prices are unlikely to increase during the second pricing window of July.
He said the stability of the cedi over the past month has also contributed to expectations of a reduction in pump prices.
“Another development that has helped with this projection is that the cedi has been fair over the past one month, and this could see prices go down by some significant margin,” he said.
Dr. Oppong dismissed claims that oil marketing companies deliberately delay reducing fuel prices when international market conditions improve, insisting that companies adjust prices promptly when conditions allow.
He also defended the industry price floor introduced by the National Petroleum Authority (NPA), describing it as a necessary measure that has helped protect businesses within the petroleum downstream sector.
The NPA, effective June 16, 2026, reduced the regulatory price floors for petroleum products, lowering the minimum price of petrol from GHS15.20 per litre to GHS13.39 per litre, while diesel was reduced from GHS15.49 per litre to GHS15.11 per litre.
Under the directive, oil marketing companies are not allowed to sell products below the approved minimum prices.
According to COMAC, the expected decline in fuel prices follows a downward trend that began on July 1, 2026, driven by falling global crude oil prices and reduced costs of refined petroleum products.
The chamber attributed the international price reductions to factors including weaker oil demand from China, increased United States oil exports, and strategic petroleum reserve releases by member countries of the International Energy Agency (IEA).
-Overseeonline.com
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