The National Petroleum Authority (NPA) has increased the price floors for petrol, diesel and liquefied petroleum gas (LPG) for the first pricing window of August, signalling continued upward pressure on fuel prices.
According to the latest pricing schedule, the minimum retail price for petrol has been set at GH¢14.53 per litre, up from GH¢13.28 in the second pricing window of July, representing an increase of GH¢1.25, or 9.4 percent.
Diesel recorded the sharpest increase, with its price floor rising to GH¢16.97 per litre from GH¢14.35, an increase of GH¢2.62, or 18.3 percent.
LPG also increased, with the price floor moving to GH¢11.06 per kilogram from GH¢10.19, representing a rise of GH¢0.87, or 8.5 percent.
The price floors represent the minimum retail prices that Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) must observe during the pricing window. They do not include premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), or marketers’ and dealers’ margins.
The adjustments come as fuel prices continue to face upward pressure from higher international crude oil prices and the depreciation of the cedi. Brent crude has risen amid renewed geopolitical tensions involving the United States and Iran, while the Bank of Ghana reported that the cedi depreciated 9.5 percent against the U.S. dollar by the end of July.
The higher price floors are expected to increase transportation, logistics and production costs, adding pressure on businesses and potentially leading to higher transport fares and consumer prices.