Fuel prices in Ghana are expected to see mixed changes in the first pricing window of May, with petrol and diesel projected to drop slightly, while LPG prices rise sharply.
According to the Chamber of Oil Marketing Companies (COMAC), petrol prices could fall by 0.51 percent, while diesel may drop by 6.77 percent. In contrast, LPG is expected to increase by 10.41 percent.
The projected decline in petrol and diesel prices is linked to lower international benchmark prices. It also reflects the impact of ongoing government and industry measures aimed at reducing the burden on consumers.
However, LPG prices are rising due to delayed effects from an earlier tender arrangement. That system had temporarily cushioned price increases but is now adjusting to market conditions.
On the global market, crude oil prices declined during the period. Prices dropped from $129.80 per barrel to $113.80 per barrel, a decrease of 12.33 percent. The decline is partly due to easing geopolitical tensions, especially around the US–Iran conflict.
Despite this, uncertainty remains. Reports that the Organization of the Petroleum Exporting Countries may face changes, including the possible exit of the United Arab Emirates, have raised concerns about future oil supply and pricing.
International refined product prices also recorded declines. Diesel saw the largest drop at 14.16 percent, followed by LPG at 13.11 percent and petrol at 1.08 percent.
Meanwhile, the Ghana cedi weakened slightly against the US dollar. It depreciated from GH¢11.13 to GH¢11.21, representing a 0.65 percent decline.
The National Petroleum Authority (NPA) has adjusted price floors in response to these developments. Petrol is expected to sell at a minimum of GH¢13.25 per litre, down slightly from GH¢13.27. Diesel prices dropped more significantly to GH¢14.30 per litre from GH¢16.10.
In contrast, LPG prices have increased sharply. The new price floor stands at GH¢13.02 per kilogram, up from GH¢10.79.
The NPA has directed all oil marketing companies to comply with the new price floors. However, it noted that final pump prices may vary due to additional costs such as international trading premiums and operational margins set by industry players.
