Petrol, diesel, and LPG price floors have inched up marginally for the second pricing window of May. This is according to new figures released by the National Petroleum Authority (NPA).
The NPA’s ex-pump price floors for the second pricing window of May put petrol at GHȼ14.60 per litre, diesel at GHȼ15.81 per litre, and LPG at GHȼ13.16 per kilogram.
This compares with the first pricing window of May, where petrol sold at a floor price of GHȼ13.25 per litre, diesel at GHȼ14.30 per litre, and LPG at GHȼ13.02 per kilogram.
The changes indicate that petrol price floors increased by GHȼ1.35 per litre. Diesel recorded the highest increase, rising by GHȼ 1.51 per litre. LPG price floors also went up by 14 pesewas per kilogram for the second pricing window of May.
The revised price floors are expected to influence pump prices announced by oil marketing companies in the coming days, although final retail prices will vary depending on operational margins and other market considerations.
The NPA explained that the price floors exclude premiums charged by international oil trading companies, operating margins of bulk import distribution and export companies, as well as marketers’ and dealers’ margins.
Under the Petroleum Products Pricing Guidelines, oil marketing companies and LPG marketing companies are required to comply with the approved price floors for the pricing window under consideration.
The price floor is the minimum benchmark price set by the National Petroleum Authority for fuel products during a specific pricing window.
Meanwhile, the Chamber of Petroleum Consumers is pressing government to extend the fuel tax relief measures by another month to continue cushioning consumers against rising fuel prices.
According to the Chamber, the conditions that necessitated the intervention including tensions in the Middle East and persistent volatility in global crude oil prices still remain and continue to pose risks to fuel price stability.
