On Tuesday, April 16, 2024, numerous Oil Marketing Companies (OMCs) increased fuel prices, marking the second pricing window of the month.

Citi News’ checks at various OMC outlets showed a significant rise in fuel prices. For example, state-owned Goil increased the price of petrol from GHȼ14.15 to GHȼ14.99 per litre in the current pricing window, while diesel is now priced at GHȼ14.80 per litre, up from GHȼ14.74.

Total Energies is also selling petrol at GHȼ14.30 per litre and diesel at GHȼ14.80 per litre.

Citi Business News confirmed that the price floors set by the National Petroleum Authority (NPA) are generally adhered to. The NPA began implementing these price floors for the downstream petroleum sector as detailed in the revised petroleum products pricing guidelines.

Initially, the NPA delayed the implementation of the price floor to the second pricing window of April to further engage stakeholders, following objections from industry players, including energy think tanks like the Africa Centre for Energy Policy (ACEP). These objections argued that the set price floor would not benefit consumers.

As per documents obtained 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). This pricing structure will be in effect from April 16 to April 30, 2024.

The established price floor stipulates that Oil Marketing Companies and Liquefied Petroleum Gas firms cannot sell their products below these specified prices.

Source: Citinewsroom