Petrol prices are expected to soar in the coming days, with the National Petroleum Authority (NPA) setting a floor price of GH¢14.53 per litre for August 1 to 15, 2026. The increase, which affects petrol, diesel, and LPG, comes at a time when the Chamber of Petroleum Consumers (COPEC) had projected that fuel prices could go up by a significant margin from the beginning of next month.
Diesel to Witness the Highest Increase
According to the NPA, diesel prices are expected to rise by more than 17%, from GH¢14.35 to GH¢16.97 per litre. Petrol prices, on the other hand, will increase by over 9%, from GH¢13.28 to GH¢14.53 per litre. LPG prices will also rise, selling at GH¢11.06 per litre.
Industry Players to Follow New Price Floor
The NPA has reminded all industry players, including Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMC), not to sell petroleum products below the approved price floor during the pricing window. This comes as most OMCs are expected to work with the new price floor for the coming window. The Managing Director of Star Oil, in a Facebook post, stated that the decision to review prices again before August 1 was due to the sharp rise in international prices.
Market Players React to Price Increases
Some major players have already begun to increase prices, citing the sharp rise in international prices. The Bulk Oil Distribution Companies (BDCs) have also moved to spot pricing, due to the current price volatility on the international market. The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Dr. Kweku Ofori, explained that this is due to the renewed clashes between the USA and Iran, causing crude oil and petroleum products to rise by almost 20%.
What's Next for Fuel Prices?
The expected review comes at a time when the Chamber of Petroleum Consumers (COPEC) had projected that fuel prices could go up by a significant margin from the beginning of next month. The projection was based on the current pressure on the cedi and the increase in the price of finished petroleum products on the international market. As the NPA's price floor comes into effect, consumers can expect to pay more for petroleum products in the coming days.
Source: Joy Online
