A slight reduction has been recorded in the price floors for petrol and diesel for the first pricing window of May, pointing to a mild easing in Ghana’s downstream fuel market.
At the lower end, petrol is projected to retail at GH¢13.25 per litre, a small drop from GH¢13.27 per litre recorded in the second pricing window of April, reflecting a 2 pesewas decrease.
Diesel prices are set to fall more significantly, with the price floor now at GH¢14.30 per litre compared to GH¢16.10 previously, marking a decline of GH¢1.80.
In contrast, LPG has seen a sharp increase, with its price floor rising to GH¢13.02 per kilogram from GH¢10.79 per kilogram, representing a jump of GH¢2.23.
The reductions in petrol and diesel prices follow a temporary government intervention, where about GH¢2.00 on diesel and 36 pesewas on petrol were absorbed to cushion consumers during the second pricing window of April.
This measure was introduced to soften the effects of rising global fuel costs, largely influenced by geopolitical tensions in the Middle East.
The National Petroleum Authority has stated that all Oil Marketing Companies and LPG Marketing Companies must adhere to the approved price floors within the current pricing period, in accordance with established guidelines.
The regulator clarified that these price floors exclude additional charges such as premiums from International Oil Trading Companies, margins for Bulk Import, Distribution and Export Companies, as well as those of marketers and dealers.
Such cost components remain flexible and are determined separately by industry participants under the existing pricing framework.