Fuel price floors for petrol, diesel, and liquefied petroleum gas (LPG) have recorded slight increases for the second pricing window of May, according to new figures released by the National Petroleum Authority.
Under the revised ex-pump price floors, petrol is now pegged at GHȼ14.60 per litre, diesel at GHȼ15.81 per litre, while LPG will sell at a minimum of GHȼ13.16 per kilogram.
The new rates represent an increase from the first pricing window of May, when petrol had a floor price of GHȼ13.25 per litre, diesel sold at GHȼ14.30 per litre, and LPG was priced at GHȼ13.02 per kilogram.
Petrol prices increased by GHȼ1.35 per litre, while diesel recorded the largest adjustment, rising by GHȼ1.51 per litre. LPG also saw a marginal increase of 14 pesewas per kilogram.
The revised benchmarks are expected to shape retail fuel prices announced by oil marketing companies in the coming days, although actual pump prices may differ depending on operational costs, margins, and prevailing market conditions.
The NPA noted that the approved price floors do not include premiums charged by international oil trading companies, operating margins of bulk import distribution and export firms, as well as marketers’ and dealers’ margins.
In line with the Petroleum Products Pricing Guidelines, all oil marketing companies and LPG marketing companies are required to adhere to the approved minimum pricing benchmarks for the specified pricing window.
The price floor serves as the minimum allowable benchmark price for petroleum products during a designated pricing period set by the NPA.
Meanwhile, the Chamber of Petroleum Consumers is urging government to extend existing fuel tax relief measures for at least another month to help cushion consumers from rising fuel costs.
According to the Chamber, the factors that prompted the intervention — including ongoing tensions in the Middle East and continued volatility in global crude oil prices — remain unresolved and continue to threaten fuel price stability in the country.
