The National Petroleum Authority (NPA) has increased the minimum price thresholds for petroleum products, effective March 16, signaling potential pump price hikes across the country.
The revised price floors show petrol has been set at GH¢11.57 per litre, up from GH¢10.46 between March 1 and 15. Diesel has seen, an increment to GH¢14.35 per litre from GH¢11.42, and liquefied petroleum gas has increased to GH¢10.67 per kilogramme from GH¢9.38.
The adjustments mean petrol has gone up by GH¢1.11 per litre within the same month, diesel by GH¢2.93, and LPG by GH¢1.29, showing increased pressure on fuel costs.
In a statement to oil marketers, the authority stated: “As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are required to adhere to the new price threshold”.
The National Petroleum Authority (NPA) also clarified that the new benchmark prices aren’t the final amounts that would be paid at the pump. The prices exclude additional costs like premiums charged by International Oil Trading Companies, operating margins for Distribution, Bulk Import, and Export Companies, and dealer margins set by individual oil marketing firms.
The NPA added that the additional costs will be decided by the companies themselves, as outlined in the Petroleum Products Pricing Guidelines (PPPG).
Experts predict that fuel prices will likely rise further when extra charges and running costs are included and this is as a result of the rising tensions and conflicts in the Middle East belt.
By: Magdalene Agyeiwaa Sarpong