NPA cuts fuel price floors ahead of July pricing window as petrol, diesel and LPG expected to become cheaper

National Petroleum Authority (NPA) announced significant reductions in the official price floors for petroleum products ahead of the first pricing window of July. The minimum price for petrol has been reduced from GH¢13.39 per litre during the second pricing window of June to GH¢12.79 per litre for the first pricing window of July, a GH¢0.60 reduction representing a 4.5 percent decrease. Diesel's price floor dropped by GH¢1.57 per litre-from GH¢15.11 to GH¢13.54 per litre-a 10.4 percent decline. Liquefied petroleum gas (LPG) saw its minimum selling price fall from GH¢13.23 per kilogram to GH¢10.11 per kilogram, a decrease of GH¢3.12 or 23.6 percent.

The NPA explained that the published price floors represent the minimum prices at which Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are permitted to sell petroleum products during the pricing window, in line with the Petroleum Products Pricing Guidelines (PPPG). The Authority noted that these price floors exclude charges such as premiums imposed by International Oil Trading Companies (IOTCs), the operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and marketers' and dealers' margins. Actual retail prices may vary depending on individual companies' pricing decisions. These adjustments follow declining international crude oil prices, which have retreated to about US$70 per barrel.