Consumers can anticipate a mixed bag of price changes at the fuel pumps starting June 1, 2026, with petrol and LPG set to increase while diesel is projected to decrease. These shifts are based on the latest price outlook released by the Chamber of Oil Marketing Companies (COMAC) on May 29, 2026, and observed by Joy Business.
Price Outlook Breakdown
Data from COMAC indicates that petrol prices are likely to rise between 4.20% and 6.20%, potentially reaching GH¢15.92 per litre. Liquefied Petroleum Gas (LPG) could see an increase of up to 2.24%, with prices moving towards GH¢17.30 per kilogramme.
Conversely, diesel is forecasted to become cheaper, with a projected decline of 1.65% to 2.00%. This could bring the price of diesel down to GH¢17.21 per litre.
These projections are informed by the purchasing patterns of oil marketing firms, many of whom acquire their fuel supplies on credit from bulk oil distributors.
Factors Influencing Price Fluctuations
COMAC attributes the mixed price adjustments to a combination of lower global oil prices and ongoing government-industry interventions. A joint measure, extended from May 16, 2026, has significantly influenced this pricing window, particularly in moderating the increase for petrol.
Under the revised intervention, the subsidy has been removed for petrol while being reduced to GH¢1.07 for diesel. This strategy aims to cushion consumers from the full impact of global price volatility while allowing prices to gradually align with international market rates.
Global crude oil prices have seen a slight dip in late May, averaging $110.59 a barrel from a previous $112.07. However, international prices for refined petroleum products have shown varied movements for the June 1st pricing period.
LPG experienced the most significant drop internationally at 5.53%, followed by diesel at 5.35%. Petrol, however, recorded a moderate increase of 3.0% on the international market.
Impact of Currency Depreciation
Adding another layer of complexity, the Ghanaian Cedi has experienced a slight depreciation against major trading currencies. The exchange rate has moved from GH¢11.30 to GH¢11.59 per dollar for the June 1st, 2026 window.
This depreciation is attributed to several factors, including increased demand for dollars, dividend repatriations, disruptions in gold exports, and cautious interventions by the Bank of Ghana.
Regulatory Price Floor
The National Petroleum Authority (NPA) set the price floor for the June 1 to June 16 pricing window on May 28, 2026. No oil marketing company is permitted to sell a litre of petrol below GH¢15.20, marking an increase from the previous pricing window’s quote.
For diesel, the price floor has been set at GH¢15.49, a reduction from the May 16, 2026 quote. This suggests that oil marketing companies are expected to sell diesel at prices at or above this new floor.
Looking Ahead
The coming weeks will reveal the full impact of these mixed price adjustments on consumer spending and the broader economy. Market watchers will be closely observing global oil price trends, the stability of the Ghanaian Cedi, and any further interventions by the NPA and government. The effectiveness of the joint government-industry measure in balancing international price pressures with consumer affordability remains a key point to monitor.
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