Fuel prices are expected to decline significantly from Wednesday, July 1, 2026, as global crude prices fall sharply and the cedi posts a marginal recovery against the US dollar.

This is according to projections by the Chamber of Petroleum Consumers (COPEC), as its Executive Secretary, Duncan Amoah, says consumers should see relief across petrol, diesel and LPG in the first pricing window of July.

“Global Crude price has witnessed a significant reduction of about 19.69%, from $97.32/barrel to $78.16/barrel,” COPEC said.

It added that “the Cedi also witnessed a marginal appreciation against the US dollar to close trading from an average interbank rate of $1:GHS11.8035 at the start of the current window to $1:GHS11.4333 (-3.14%) as of the close of the window.”

For petrol, COPEC projects that “the retail price of petrol works up to Ghc13.36/L representing 6.21% of the current mean price of Ghc14.24/L.”

It further states that petrol “is expected to be selling between GHS12.69/L and GHS14.03/L, within a ±5% range of COPEC’s projection.”

Diesel is also expected to fall significantly. COPEC notes that “the FOB price of diesel decreased significantly from $1056.38/MT to $896.02/MT (-15.18%) and the cedi’s appreciation averages of -3.14%,” with a projected price of “Ghc14.10/L representing 13.28% of the current mean price of Ghc16.26/L.”

It adds that diesel “is expected to sell within a range of Ghc13.39/L minimum to Ghc14.80/L maximum within a ±5% range of COPEC’s projection.”

On LPG, COPEC states that “the international FOB price of LPG is decreasing from $652.65/MT to $548.50/MT (-15.96%) and the cedi’s appreciation of about -3.14%,” with an expected retail price of “Ghc10.05/Kg,” adding that it should sell “between GHS9.54/kg minimum and GHS10.55/kg maximum.”

In its concluding remarks, COPEC urged market players to pass on the gains to consumers.

“It is the expectation of COPEC that Oil Marketing Companies would respond positively to these reductions in a timely manner to bring the needed reliefs consumers have been yearning for.”

The Chamber also praised government policy direction on crude oil sourcing, saying, “We want to commend the government for ceding part of its share of crude from the Jubilee fields to support the operations of local refineries.”

It added that the move “would go a long way to reducing the volumes of imported petroleum products on a monthly basis, thereby reducing pressure on the local currency.”