NPA Raises Petroleum Price Floors, Diesel Up 18% and Petrol Up 9.4 Percent

• The National Petroleum Authority revised its benchmark price floors for petroleum products in the latest pricing window
• Diesel recorded the steepest adjustment at 18%, while petrol climbed by 9.4% under the new pricing benchmarks
• The NPA noted that the approved price floors exclude several cost components, meaning final pump prices could rise further

The National Petroleum Authority (NPA) has revised upward the benchmark price floors for petroleum products in Ghana, with diesel recording an 18% increase and petrol rising by 9.4% under the latest pricing review.

The new benchmarks set the minimum prices that Oil Marketing Companies (OMCs) can apply when determining retail prices at the pump.

The NPA clarified, however, that the approved floors do not capture all cost components, meaning consumers may face higher prices than the benchmarks suggest once additional charges are factored in.

Diesel records steepest price adjustment

According a report by Citinewsroom, diesel saw the largest revision in the current pricing window, reflecting shifts in market conditions that have pushed costs higher.

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Petrol prices were also adjusted upward, while liquefied petroleum gas (LPG) recorded a marginal change under the same review.

The NPA indicated that excluded components include international oil trading premiums, bulk import margins, distribution costs and dealer margins.

These are typically added by fuel companies before arriving at the final price consumers pay at service stations across the country.

Global market pressures drive NPA's review

The NPA's pricing adjustments form part of a regular review process that evaluates global fuel prices, exchange rate movements and broader market conditions influencing petroleum product costs in Ghana.

The latest revision comes against a backdrop of fluctuating international crude oil prices, which continue to exert pressure on downstream fuel pricing.

The authority did not specify a timeline for the next pricing review, but the NPA conducts such assessments periodically to align domestic benchmark prices with prevailing international and local market realities.

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GPRTU meets government over fare increase

Meanwhile, YEN.com.gh reported that the Ghana Private Road Transport Union had proposed a 30% increase in commercial transport fares, citing rising operational costs.

GPRTU Deputy PRO Samuel Amoah pointed to persistent fuel price challenges as a key driver behind the proposed increase.

Commuters are closely watching the outcome of talks with the Ministry of Transport, fearing higher daily travel expenses.

Source: YEN.com.gh