The National Petroleum Authority (NPA) has reviewed and adjusted the price floor for petrol and diesel for the November 16-30, 2026, pricing window. Petrol's price floor has been reduced to GH¢13.69 per litre, marking a significant 13 percent decline from the previous price quotes. Conversely, diesel will increase from GH¢17.41 to GH¢16.73 per litre. These adjustments exclude premiums charged by International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, and margins charged by Oil Marketing Companies and LPG Marketing Companies.
The NPA's adjustments could lead to mixed price movements at the pumps during the next pricing window. The reduced price floor for petrol may give marketers room to reduce prices, while the increased price floor for diesel could result in higher prices. However, final adjustments will depend on the premiums and margins individual companies apply. Past developments suggest that petrol prices may decrease further, while diesel and LPG prices may increase.
Some oil marketing firms have already indicated that they will adjust their prices at the pumps. Star Oil, a major oil marketing firm, has reduced prices three times over the past week and is now selling a litre of petrol at GH¢15.55 and diesel at GH¢18.37. Allied Oil has also reviewed prices, selling a litre of petrol at GH¢15.50 and diesel at GH¢18.20. JP has reduced its petrol price from GH¢16.43 to GH¢15.95 and diesel from GH¢18.97 to GH¢18.35.
The Chamber of Oil Marketing Companies (COMAC) attributes the mixed reviews in prices of petroleum products to the cedi's appreciation and the reduced prices of finished petroleum products and crude oil on the international market. The Ghana cedi has been relatively stable, and the International Energy Agency has projected that global oil markets will swing to a supply surplus for the first time since the start of the Iran War as Persian Gulf exports recover.
Under current regulations, prices are reviewed on the 1st and 16th of each month. However, the NPA allows oil marketing companies to proceed with price reviews at the pumps, provided the adjustments are in line with the guidelines sanctioned by the market regulator. This flexibility enables companies to respond quickly to changes in the market.
The price of LPG will also witness a significant increase, from GH¢13.73 per kilogramme to GH¢15.93. This change may impact consumers who rely heavily on LPG for their energy needs. The NPA's adjustments aim to reflect the current market conditions and ensure that prices are aligned with the Petroleum Products Pricing Formula.
The implications of the NPA's adjustments will be closely monitored by consumers and industry players. As the market continues to evolve, the NPA's role in regulating prices and ensuring a stable supply of petroleum products remains crucial. The authority's efforts to balance the interests of consumers and industry players will be essential in maintaining a stable energy market in Ghana.
Key points
- The NPA has reduced the price floor for petrol to GH¢13.69 per litre and increased diesel to GH¢16.73 per litre for the November 16-30 pricing window.
