The National Petroleum Authority (NPA) has increased the minimum price thresholds for petroleum products for the second pricing window of March, signaling potential hikes in retail fuel prices across the country starting March 16.
Effective from that date, the new price floors have been set at GH¢11.57 per litre for petrol, a significant jump from GH¢10.46 per litre recorded during the first window (March 1-15).
Diesel has experienced a more pronounced adjustment, climbing to GH¢14.35 per litre from GH¢11.42. Liquefied petroleum gas (LPG) has also been affected, with its floor price rising to GH¢10.67 per kilogramme from GH¢9.38.
These adjustments translate to a month-on-month increase of GH¢1.11 per litre for petrol, a sharp GH¢2.93 per litre for diesel, and GH¢1.29 per kilogramme for LPG within the same month, underscoring the mounting pressure on fuel costs.
In a directive issued to oil marketing companies (OMCs), the authority emphasized compliance with the new benchmarks.
“As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are entreated to comply with the above price floors for the window under consideration,” the statement read.
The NPA clarified that these benchmark prices do not represent the final amount motorists will pay at the pump, as they exclude several additional cost components.
These include premiums charged by International Oil Trading Companies, operating margins for Bulk Import, Distribution and Export Companies (BIDECs), and dealer margins determined by the individual OMCs.
The authority added that “these will be independently determined by the companies as pertains under the PPPG.”
Consequently, industry analysts suggest that the revised thresholds will likely push retail prices even higher once these levies and operational costs are factored in by the marketing companies.
The anticipated increases are widely attributed to rising global crude oil prices, driven by renewed geopolitical tensions in the Middle East.
