The National Petroleum Authority (NPA) has announced new minimum price floors for petroleum products for the second pricing window of March, which will run from March 16 to March 31.
Under the revised benchmark, petrol will increase from ¢10.46 to ¢11.57 per litre, while diesel will rise from ¢11.42 to GH¢14.35 per litre. Liquefied Petroleum Gas (LPG) has also been adjusted upward from ¢9.38 to ¢10.67 per kilogram.
In a notice to Oil Marketing Companies (OMCs) sighted by JoyBusiness, the NPA directed all OMCs and LPG Marketing Companies to comply with the new price floors in line with the Petroleum Products Pricing Guidelines.
The authority clarified that the prices exclude premiums charged by International Oil Trading Companies, as well as the operating margins of Bulk Import, Distribution and Export Companies and the marketers’ and dealers’ margins.
The directive means no company will be allowed to sell below the approved thresholds during the period. Firms currently selling at lower prices will have to adjust their pump prices upward.
The new benchmark also signals expected pump prices from March 16, with petrol not permitted to sell below ¢11.57 per litre and diesel below ¢14.35 per litre. Final pump prices could be higher once additional levies, margins and operational costs are included.
Industry players say the pricing window could record one of the steepest increases in recent months. The Chief Executive of the Chamber of Bulk Oil Distributors, Riverson Oppong, has indicated that fuel could sell for as much as ¢17 per litre depending on developments in the Middle East.
The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has also warned that fuel prices may range between ¢14 and ¢16 per litre in the coming window.
Analysts say the new price floors may limit the ability of oil marketing companies to offer discount pricing that previously helped cushion consumers.
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