The National Petroleum Authority (NPA) has announced a significant upward adjustment to the minimum price floors for petroleum products for the second half of March, signaling another steep hike in prices at the pumps for Ghanaians.
Effective from March 16 to March 31, 2026, the new regulatory benchmarks will see the price of petrol climb from GH¢10.46 to GH¢11.57 per litre. The most dramatic increase is reserved for diesel, which has been pegged at a new floor of GH¢14.35 per litre, a sharp jump from its previous GH¢11.42. Liquefied Petroleum Gas (LPG) has also been adjusted upwards to GH¢10.67 per kilogram, up from GH¢9.38.
In a directive issued to Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs), the NPA emphasized strict compliance. “As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are entreated to comply with the above price floors for the window under consideration,” the Authority stated.
The NPA clarified that these figures represent the absolute minimum base prices and exclude additional costs such as International Oil Trading Company (IOTC) premiums, Bulk Import, Distribution and Export Companies (BIDEC) margins, and dealer mark-ups. These variable costs will be added by individual companies, meaning consumers will almost certainly pay more than the announced floors.
Implications for Consumers
The new directive effectively prohibits any OMC or LPGMC from selling fuel below these thresholds for the next two weeks. Companies currently offering lower prices will be forced to adjust their pumps upwards to meet the new requirements.
With additional levies and operational charges factored in, the final price at the pump is expected to be considerably higher, placing further strain on households and businesses.
Industry Outlook
Industry experts have been bracing for this development, citing volatility in the global oil market and geopolitical tensions in the Middle East as key drivers. Dr. Riverson Oppong, Chief Executive of the Chamber of Bulk Oil Distributors, had previously warned that prices could soar, with a litre potentially selling for as much as GH¢17.
Adding to the concern, Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), projected in an interview on March 12 that fuel prices would likely range between GH¢14 and GH¢16 per litre.
The new price floors also limit the ability of major OMCs to use selective discounting strategies to cushion consumers, as the minimum selling price is now legally fixed. It remains to be seen whether competition in the downstream sector will lead any companies to absorb a portion of the increased costs to retain market share.
