By Prince Ahenkorah
Petrol prices could decline at the pumps from November 1, 2026, while diesel prices may record a marginal increase following adjustments to the price floors by the National Petroleum Authority (NPA).
Market data obtained indicates that the petrol price floor has been reduced from GH¢16.09 to GH¢15.39 per litre for the November 1–15 pricing window.
The diesel price floor, however, has increased from GH¢17.09 to GH¢17.41 per litre.
Liquefied petroleum gas (LPG) could also become marginally cheaper, with its price floor declining from GH¢13.89 to GH¢13.73 per kilogram.
The price floors serve as minimum pricing benchmarks and do not represent the final retail prices consumers will pay at the pumps.
According to the NPA, the floors exclude premiums charged by International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, and margins applied by Oil Marketing Companies (OMCs) and LPG Marketing Companies.
The final prices will therefore depend on the premiums and margins independently applied by the respective companies under the prescribed Petroleum Products Pricing Formula.
The adjustments could result in mixed price movements at the pumps during the next pricing window, with petrol and LPG potentially becoming cheaper while diesel faces upward pressure.
The reduction in petrol and LPG price floors could provide room for marketers to lower their prices, although the extent of any reduction will depend on their individual pricing decisions.
One major oil marketing company currently sells petrol at GH¢16.45 per litre and diesel at GH¢17.95 per litre.
While some marketers may reduce their prices in response to the new benchmarks, others could maintain their existing rates.
The increase in the diesel price floor could put pressure on retail prices, depending on the margins and other costs applied by marketers.
Rising international crude oil prices could also exert pressure on domestic fuel prices, although the recent appreciation of the cedi may help cushion some of the impact.
The adjustments follow marginal reductions in petrol and diesel prices at the pumps from October 16, 2026, while LPG prices were projected to increase by about 18.5% per kilogram.
The Chamber of Oil Marketing Companies attributed the reductions in petrol and diesel prices during that period to movements in international refined petroleum product prices and government subsidy measures.
In its assessment, the Chamber reported that average crude oil prices had increased by 2.03% to US$126.73 per barrel amid renewed concerns about global supply.
However, refined petroleum products recorded mixed price movements, with international LPG prices rising by 7.77%, while diesel and petrol prices declined by 6.68% and 3.93%, respectively.
Over the same assessment period, the cedi depreciated by 1.61% to GH¢11.8222 per US dollar, based on average bank rates between September 26 and October 11, 2026.
The Chamber also indicated that the currency had lost more than 11% against the dollar since the beginning of the year, with seasonal import demand and higher energy costs contributing to the pressure.