Consumers could face higher fuel costs in the coming days after the National Petroleum Authority raised ex-pump price floors for petrol, diesel and liquefied petroleum gas (LPG) for the second pricing window of May.
Under the revised pricing structure, petrol now has a minimum benchmark price of GHȼ14.60 per litre, while diesel has been pegged at GHȼ15.81 per litre. LPG will now sell at a floor price of GHȼ13.16 per kilogram.
The latest adjustments represent a sharp increase from the first pricing window of May, where petrol was priced at GHȼ13.25 per litre, diesel at GHȼ14.30 per litre, and LPG at GHȼ13.02 per kilogram.
Petrol recorded an increase of GHȼ1.35 per litre, while diesel saw the highest jump at GHȼ1.51 per litre. LPG prices also climbed by 14 pesewas per kilogram.
The ex-pump price floor serves as the minimum pricing threshold that oil marketing companies are required to observe during each pricing window under Ghana’s petroleum pricing framework.
Although the new benchmark prices are expected to push retail fuel prices upward, actual pump prices may differ depending on the pricing strategies and operational costs of individual oil marketing companies.
The National Petroleum Authority explained that the approved price floors do not include premiums charged by international oil traders or operational margins for bulk importers, distributors, marketers and dealers.
All fuel and LPG marketing companies are expected to comply with the revised pricing structure under existing petroleum pricing guidelines.
Meanwhile, the Chamber of Petroleum Consumers is calling on government to extend temporary fuel tax relief measures by another month to cushion consumers from the expected price hikes.
According to the chamber, continued instability in global crude oil markets and ongoing geopolitical tensions in the Middle East remain major threats to fuel price stability in Ghana.
