Fuel consumers are expected to face higher pump prices in the coming weeks after the National Petroleum Authority (NPA) announced new minimum price floors for petroleum products for the second pricing window of March.
The new price thresholds, which take effect from March 16 to March 31, require Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) to adjust their prices upward if they are currently selling below the approved levels.
Under the revised price floor, petrol has increased from GH¢10.46 to GH¢11.57 per litre, while diesel has risen sharply from GH¢11.42 to GH¢14.35 per litre. Industry observers say the adjustment in diesel prices represents one of the most significant single price floor movements recorded in recent times.
The price of Liquefied Petroleum Gas (LPG) has also been increased from GH¢9.38 to GH¢10.67 per kilogram.
In a notice to Oil Marketing Companies sighted, the NPA directed all petroleum marketing firms to comply with the approved price floors for the window under review.
“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 Authority stated.
The NPA clarified that the quoted price floors do not include premiums charged by International Oil Trading Companies (IOTCs) or the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), as well as the marketers’ and dealers’ margins of OMCs and LPGMCs.
According to the Authority, these additional charges will be determined independently by the companies in line with the Petroleum Products Pricing Guidelines.
With the new directive, no Oil Marketing Company will be permitted to sell petrol below GH¢11.57 per litre or diesel below GH¢14.35 per litre during the pricing window.
Once additional levies, margins and operational costs are added, industry analysts expect pump prices to rise even further, placing additional pressure on consumers and businesses that rely heavily on fuel.
