US-Israel & Iran War: NPA Increases Fuel Price Floor, Petrol Now GH¢11.57, Diesel Pegged at GH¢14.35

• The National Petroleum Authority (NPA) has raised the fuel price floors for March 2026, effective Monday, March 16
• Petrol, diesel, and LPG have all seen significant increases, with petrol rising to GHȼ11.57 per litre and diesel to GHȼ14.35 per litre
• Analysts attribute the adjustments to rising global crude oil prices, driven by escalating geopolitical tensions in the Middle East

The National Petroleum Authority (NPA) has reportedly adjusted the fuel price floors for petroleum products for the second pricing window for March 2026.

Taking effect on Monday, March 16, 2026, the fuel price increases, according to a report sighted on Citinewsroom, signal higher pump prices across the country.

The adjusted minimum ex-pump prices show a significant rise for petrol, diesel, and Liquefied Petroleum Gas (LPG) compared to the first pricing window of the month.

This means that petrol's price floor has increased to GHȼ11.57 per litre from GHȼ10.46 per litre recorded between March 1 and 15.

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Diesel's floor price has equally moved up to GHȼ14.35 per litre from GHȼ11.42 per litre, with LPG rising to GHȼ10.67 per kilogramme from the earlier GHȼ9.38 per kilogramme.

The NPA's price adjustments represent increases of GHȼ1.11 for petrol, GHȼ2.93 for diesel, and GHȼ1.29 for LPG within the same month.

"The changes suggest mounting pressure on fuel prices and could translate into higher pump prices in the second pricing window of March. The price floors set by the NPA represent the minimum allowable selling price under Ghana’s petroleum pricing guidelines," the report indicated.

The adjustment, according to the Citinewsroom reports, does not constitute the final pump prices paid by consumers of petroleum products because several cost components are not included in the floor price calculations.

Some of the components excluded from the minimum price are premiums charged by international oil trading companies, operating margins for bulk import, distribution, and export companies, as well as the margins set by individual oil marketing companies and dealers.

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The development comes at a time when analysts are projecting increases in fuel prices for the second pricing window of March.

This is largely driven by evolving geopolitical tensions in the Middle East which have pushed global crude oil prices higher.

Oil price spikes over $100

Meanwhile, the price of Brent crude oil spiked back over $100 as Iranian strikes hit ships in the region's waters as the ongoing American-Israeli war with Iran shows no signs of slowing.

On March 12, there were Iranian attacks against commercial ships around the Strait of Hormuz and Iraq's port of Basra.

AP reported that this escalated the campaign of squeezing the oil-rich Gulf region as global energy concerns mount.

The US campaign of airstrikes in Iran is now in its 14th day.

The Israeli military is also striking Iran and its militant ally Hezbollah in Lebanon, where more than 800,000 people have been displaced by the fighting.

AP reported that at least 19 commercial ships have been damaged so far in the war, figures showed Thursday.

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Through the evening of March 11, there had been at least 16 vessels attacked in the Persian Gulf and the wider region, per the Joint Maritime Information Center.

Two ships were hit by Iranian fire at a port near Basra in Iraq while another was attacked off the coast of the United Arab Emirates.

Mitsui O.S.K Lines also announced that a Japanese-flagged container ship was damaged while anchored in the Persian Gulf.

Observers believe Gulf Arab states will face increasing pressure on their oil production the longer the Strait of Hormuz remains under fire.

Iran targets commercial ships and Dubai Airport

Earlier, YEN.com.gh reported that Iran had targeted commercial ships and Dubai Airport, escalating regional tensions amid global energy concerns.

Iran threatens financial institutions in the Middle East, endangering Dubai's economic stability as attacks escalated.

Airstrikes continue in Tehran and Lebanon as the UN discusses measures against Iran's aggression towards Arab nations.

Source: YEN.com.gh