COPEC Forecasts Sharp Fuel Price Hikes as Energy and Transport Sectors Face Growing Fiscal Pressures

Starting Wednesday, September 16, 2026, Ghanaian motorists and businesses will face significant increases in fuel costs following a surge in global oil prices. The Chamber of Petroleum Consumers (COPEC) projects that petrol prices will rise by 4.24% to approximately GH
16.26 per litre, while diesel is expected to surge by 10.23%, reaching GH
19.07 per litre. These adjustments are primarily driven by a sharp escalation in international crude oil prices, which have climbed from US$89.30 to over US$103 per barrel. Despite a marginal appreciation of the Ghana cedi against the US dollar, the currency's gains have been insufficient to buffer the impact of the global market surge during the second pricing window of September.

Duncan Amoah, Executive Director of COPEC, has labeled temporary relief measures, such as the recent GH
2-per-litre diesel reduction, as unsustainable in the long term. Instead, COPEC is advocating for the establishment of a strategic petroleum reserve to purchase products during price dips for release during surges. The Chamber is also calling on the government to extend subsidies—specifically requesting a GH
1 per litre relief for petrol—and urging the expedited expansion of the Tema Oil Refinery (TOR) to enhance domestic refining capacity. Furthermore, Liquefied Petroleum Gas (LPG) is expected to see a significant price increase, with retail prices projected at GH
15.32 per kilogramme.

The volatility in fuel prices is compounded by deep-seated financial challenges within Ghana's broader energy sector. Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP), recently highlighted the deteriorating state of the Electricity Company of Ghana (ECG). Despite over $700 million in government investment, ECG’s operational losses have escalated from 21% to nearly 30%, with annual losses now exceeding GH
20 billion. Boakye emphasized that these financial drains on the national budget dwarf education spending and called for urgent management reforms to prioritize efficiency over ownership structure, warning that the current trajectory is fiscally unsustainable for the state.

In response to rising operational costs across the transport sector, the Accra Metropolitan Assembly (AMA) has proposed structural changes to improve public transit efficiency and revenue. Alex Johnson, the AMA’s Director of Transport, noted that the introduction of dedicated lanes for Aayalolo buses during peak hours could increase revenue by 45% and slash operating costs by 30%. By reducing the time buses spend in traffic, the initiative aims to mitigate the impact of rising fuel prices on public transport providers. As external shocks continue to strain West African economies, these calls for structural efficiency in energy and transport reflect a growing consensus on the need for systemic reform to ensure long-term fiscal stability.