Petrol, diesel and liquefied petroleum gas (LPG) price floors have recorded a marginal increase for the second pricing window of May, according to fresh figures released by the National Petroleum Authority (National Petroleum Authority).
The new ex-pump price floors show petrol selling at GH¢14.60 per litre, diesel at GH¢15.81 per litre, and LPG at GH¢13.16 per kilogram.
This compares with the first pricing window of May, where petrol was priced at GH¢13.25 per litre, diesel at GH¢14.30 per litre, and LPG at GH¢13.02 per kilogram.
The figures indicate that petrol has increased by GH¢1.35 per litre, while diesel recorded the highest jump of GH¢1.51 per litre. LPG also went up by 14 pesewas per kilogram over the period.
The revised price floors are expected to influence pump prices in the coming days as oil marketing companies adjust their retail rates. However, final prices at the pumps will still vary depending on operating margins and other market factors.
The NPA explained that the price floors exclude premiums charged by international oil trading companies, as well as margins for bulk import, distribution and export companies, marketers, and dealers.
Under the Petroleum Products Pricing Guidelines, oil marketing companies and LPG marketers are required to comply with the approved price floors within each pricing window. The price floor serves as the minimum benchmark for fuel pricing during a specific period.
Meanwhile, the Chamber of Petroleum Consumers (Chamber of Petroleum Consumers Ghana) is urging government to extend the ongoing fuel tax relief measures by another month to help cushion consumers against rising fuel costs.
The Chamber argues that the conditions that triggered the intervention, including geopolitical tensions in the Middle East and continued volatility in global crude oil prices, still persist and remain a risk to fuel price stability.
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