Petrol and liquefied petroleum gas (LPG) consumers could see some relief at the pumps from November 1, 2026, following a reduction in their minimum pricing benchmarks, although diesel users may face higher prices during the first half of the month.
The National Petroleum Authority (NPA) has lowered the petrol price floor by GH¢0.70 per litre, from GH¢16.09 to GH¢15.39, for the November 1–15 pricing window.
The LPG price floor has also been reduced by GH¢0.16 per kilogram, from GH¢13.89 to GH¢13.73.
Diesel, however, is moving in the opposite direction, with its price floor increasing by GH¢0.32 per litre, from GH¢17.09 to GH¢17.41.
The adjustments indicate divergent pricing trends for the three petroleum products, with the lower petrol and LPG benchmarks creating room for possible reductions, while the increase in the diesel floor could put upward pressure on prices.
However, consumers may not necessarily experience changes at the pumps that correspond directly to the adjustments announced by the NPA.
The Authority explained that the price floors exclude premiums charged by International Oil Trading Companies, operating margins applied by Bulk Import, Distribution and Export Companies, and the margins charged by Oil Marketing Companies (OMCs) and LPG Marketing Companies.
These components are determined independently by the respective companies under the prescribed Petroleum Products Pricing Formula.
Consequently, the final prices will depend on the pricing decisions of individual marketers during the new pricing window.
Cedi appreciation offers potential relief amid rising crude prices
The latest adjustments come against a backdrop of rising international crude oil prices, although the recent appreciation of the cedi could help cushion the impact of external cost pressures on domestic fuel prices.
During the previous pricing adjustment on October 16, petrol and diesel prices recorded marginal reductions at the pumps, while LPG prices were projected to rise by about 18.5 per cent per kilogram.
The Chamber of Oil Marketing Companies attributed the reductions in petrol and diesel prices to movements in international refined petroleum product prices and government subsidy measures.
Its report for the period indicated that average crude oil prices increased by 2.03 per cent to US$126.73 per barrel amid renewed supply concerns.
Despite the increase in crude prices, refined petroleum products recorded mixed movements on the international market. LPG prices rose by 7.77 per cent, while diesel and petrol prices declined by 6.68 per cent and 3.93 per cent, respectively.
These contrasting movements highlight the different factors influencing domestic fuel prices, including international product prices, exchange-rate movements and the margins applied by local petroleum marketers.
For consumers, the decisive factor will be the actual pump prices announced by individual oil marketing companies from November 1, as the revised NPA price floors do not guarantee corresponding reductions or increases in retail prices.
