Prices of petroleum products are projected to decrease at the pumps starting July 16, 2026, according to Dr. Riverson Oppong, the Chief Executive of the Chamber of Oil Marketing Companies (COMAC).

Dr Oppong explained that the forecasted price reduction is driven by recent international market developments and expected trends. He noted that even if global conditions worsen, prices are expected to remain unchanged at worst for the second pricing window of July.

"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," Dr. Oppong added on JoyNews' PM Express Business Edition.

The COMAC boss also dismissed criticisms that oil marketing companies deliberately delay lowering pump prices when market conditions favor consumers, maintaining that reductions will be implemented swiftly.

Addressing the ongoing debate regarding the industry price floor introduced by the National Petroleum Authority (NPA), Dr. Oppong expressed support for the policy, describing it as a necessary industry decision that has protected multiple sector players.

Effective June 16, 2026, the NPA significantly reduced the regulatory price floors. The minimum price for petrol was cut from GH¢15.20 per litre to GH¢13.39 per litre, while diesel dropped from GH¢15.49 to GH¢15.11 per litre. Under the directive, no oil marketing company is legally permitted to price its products below these established rates.

According to the chamber, the downward trend in fuel prices that began on July 1, 2026, has been largely supported by a decline in global crude oil prices and refined product costs. This international market drop has been attributed to weaker Chinese oil imports, record-high U.S. oil exports, and ongoing strategic petroleum reserve releases by International Energy Agency (IEA) member states.