Government measures have prevented a sharp surge in pump prices following market projections of a severe price hike for the first pricing window of October 2026.
The Chamber of Petroleum Consumers (COPEC) had forecasted a 5.21% rise in petrol and a 22.91% surge in diesel prices, driven by global crude costs jumping from $103.07 to $124 per barrel and a 1.20% cedi depreciation against the US dollar.
Under these conditions, retail petrol was set to average GH¢17.78 per litre, while diesel was projected to reach GH¢22.42 per litre—up from GH¢18.24. Liquefied Petroleum Gas (LPG) was also anticipated to rise to GH¢15.68 per kilogramme after its international Free on Board (FOB) price climbed 9.10%.
In response, the Ministry of Energy convened an emergency meeting under the direction of President John Dramani Mahama to stabilize domestic supply and protect consumers. Chaired by Energy Minister Hon. John Abdulai Jinapor, the discussion brought together key sector stakeholders, including the National Petroleum Authority (NPA), Tema Oil Refinery (TOR), Sentuo Refinery, major Oil Marketing Companies (Star Oil and GOIL), Bulk Oil Distribution Companies (BDCs), and the Chamber of Bulk Oil Distributors (CBOD).
Briefing the press after the meeting, NPA Chief Executive Officer Godwin Kudzo Tameklo, Esq., revealed that TOR and Sentuo Refinery agreed to freeze wholesale rates charged to BDCs at previous pricing window levels.
“What we’ve agreed today is that Sentuo and TOR will maintain the price they sell to the BDCs at the last pricing window. The whole idea is that if we maintain the price sold to the BDCs from the two major refineries, we will be able to mitigate the escalating prices of petroleum products in the country,” he said.
Furthermore, the Ministry of Finance agreed to temporarily suspend the GH¢1 energy sector levy throughout October.
“Put together, we will see prices not rising the way we had projected earlier,” Mr Tameklo assured.
These combined policy shifts mean diesel, which COPEC estimated would sell at GH¢22 per litre, will now retail below GH¢20 at the pump during this window.
By: Rainbowradioonline.com/Ghana
