The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has urged the National Petroleum Authority (NPA) to allow market forces to determine fuel prices as the country prepares to enter the second petroleum pricing window for March.
His call comes ahead of the new pricing window scheduled to open on Monday, March 16.
According to Mr Amoah, regulatory interference in price formation sends signals to the market that increases are imminent, potentially prompting fuel operators to adjust prices prematurely.
The NPA has already raised the price floors for petroleum products for the second pricing window of March 2026, a move widely expected to translate into higher pump prices across the country.
Under the revised structure, the price floor for petrol has increased to GHȼ11.57 per litre from GHȼ10.46 recorded between March 1 and 15.
Diesel has risen sharply to GHȼ14.35 per litre from GHȼ11.42, while liquefied petroleum gas (LPG) now stands at GHȼ10.67 per kilogramme, up from GHȼ9.38. The adjustments represent increases of GHȼ1.11 for petrol, GHȼ2.93 for diesel and GHȼ1.29 for LPG within the month.
Speaking on Channel One Newsroom on Sunday, March 15, Mr Amoah argued that the regulator should allow competition among fuel stations to determine retail prices rather than impose controls through price floors.
“I don’t think that the NPA should bother itself with setting price floors. Prices are going up, and the OMCs will not sell at a loss, the same as the BDCs. Setting the floor price at this time will only send the signal to the market that prices are going to rise in the next few days, and that is why some of them couldn’t wait for Monday. I think the NPA should rest and allow the market to evolve,” he said.
Mr Amoah added that competition within the downstream petroleum sector was already helping to moderate potential increases at the pump.
“Competition has equally controlled prices. So, tomorrow, stations that could have done about GHȼ16—the indication I am getting is that they may come down to a maximum of GHȼ15. So, there is some competition effect. It will be right if the NPA allows the market to simply evolve without the tightening and controls,” he added.
The second pricing window for March is expected to shape fuel prices for the remainder of the month as oil marketing companies respond to both global petroleum trends and local regulatory adjustments.
NPA increases fuel price floors: Petrol now GH¢11.57, diesel pegged at GH¢14.35
