Accra: The National Petroleum Authority (NPA) has announced an increase in the price floors for petrol, diesel, and liquefied petroleum gas (LPG) for the first pricing window of August, marking a rise from the second pricing window of July. This development indicates ongoing upward pressure on fuel prices.
According to Ghana Web, the petrol price floor has seen an increase from GHS13.28 to GHS14.53 per litre, reflecting a rise of GHS1.25, or 9.4 percent. Similarly, the diesel price floor has escalated from GHS14.35 to GHS16.97 per litre, an increase of GHS2.62, or 18.3 percent, representing one of the largest spikes in diesel prices in recent times. This surge is anticipated to elevate operating costs across various sectors, including transport, mining, construction, manufacturing, and agriculture.
Furthermore, the LPG price floor has been adjusted from GHS10.19 to GHS11.06 per kilogram, which is an increase of GHS0.87, or 8.5 percent. The NPA has clarified that these price floors represent the minimum retail prices that Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) must adhere to during the pricing window. These do not account for premiums charged by International Oil Trading Companies (IOTCs), nor do they include the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), or the marketers' and dealers' margins.
As several OMCs continue to raise pump prices, the recent adjustments suggest that fuel prices are likely to remain under pressure during the first pricing window of August. This pressure is expected to increase transportation, logistics, and production expenses, potentially leading to higher consumer prices, even though transport fares remain unchanged for now.