Petrol prices in Ghana could decline during the second pricing window of November 2026 following a sharp drop in international crude oil prices, the Chamber of Petroleum Consumers (COPEC) has projected.

COPEC Executive Secretary Duncan Amoah says the recent fall in global oil prices could bring some relief to motorists and other fuel consumers when the next pricing window begins on November 16.

Speaking on Eyewitness News on Thursday, November 5, Mr Amoah explained that changes in crude oil prices generally take between six and seven days to reflect in the prices of refined petroleum products.

He noted that international crude oil prices had fallen by more than 12 to 14 per cent over a 48-hour period, creating the possibility of lower petrol prices in Ghana.

COPEC predicts reduction in petrol prices

According to Mr Amoah, the continued decline in international oil prices could lead to a reduction in petrol prices during the second half of November.

He said COPEC expects petrol to become cheaper if the downward movement in the international market continues.

The projection, however, depends on developments in the global petroleum market and how the changes affect the cost of refined products imported into Ghana.

COPEC is therefore urging Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDCs) to ensure that any reductions in their operating costs are passed on to consumers.

Diesel prices may not fall as much

While petrol consumers could benefit from the expected reduction, COPEC says diesel prices may not experience a similar decline.

Mr Amoah explained that seasonal demand for diesel normally increases during the colder months in Europe, Asia and the Americas.

In some countries, diesel is used for heating during winter, increasing demand and potentially limiting price reductions in the international market.

This could result in different price movements for petrol and diesel during the next pricing window.

Global tensions could affect fuel prices

Despite the positive outlook for petrol consumers, COPEC has warned that the international market remains vulnerable to geopolitical developments.

Mr Amoah specifically pointed to the possibility of renewed hostilities involving the United States and Iran over the Strait of Hormuz.

The strategic waterway is important to global oil transportation, and any disruption could affect supplies and push crude oil prices higher.

He cautioned that the expected reduction in petrol prices could change if tensions escalate and international oil prices begin to rise again.

Motorists await November 16 price changes

The second November pricing window is expected to begin on Monday, November 16, 2026.

Although COPEC has projected a possible reduction in petrol prices, the final pump prices will depend on international refined petroleum prices, exchange-rate movements and the pricing decisions of individual oil marketing companies.

For now, motorists and businesses will be watching developments in the international oil market to see whether the expected reduction will translate into lower prices at fuel stations across Ghana.

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