Fuel prices in Ghana have once again increased as several Oil Marketing Companies (OMCs) implemented price hikes during the second pricing window of April. The price of petrol at state-owned Goil now stands at GHȼ14.99 per litre, up from GHȼ14.15, while diesel is being sold at GHȼ14.80 per litre, an increase from GHȼ14.74.
Total Energies has also adjusted its prices, with petrol now retailing at GHȼ14.30 per litre and diesel at GHȼ14.80 per litre. These price hikes follow the National Petroleum Authority (NPA) enforcing price floors for the downstream petroleum sector as per the amended petroleum products pricing guidelines.
Initially, the NPA had postponed the implementation of the price floor to the second pricing window of April in order to engage further with stakeholders. This decision came after objections from industry players, including energy think tanks like the Africa Centre for Energy Policy (ACEP), who argued that the set price floor would not benefit consumers.
According to documents seen by Citi Business News, the NPA has set an ex-pump price floor of GHȼ13.02 for petrol, GHȼ13.07 for diesel, and GHȼ10.52 for liquefied petroleum gas (LPG). These prices will be in effect from April 16 to April 30, 2024, and OMCs and LPG firms are required to adhere to these minimum prices.
This latest development in fuel pricing has sparked concerns among consumers, who may have to bear the brunt of the increased costs. As the situation unfolds, stakeholders will be closely monitoring the impact of these price hikes on the country’s economy and the well-being of its citizens.
