Consumers are expected to pay more for petrol, diesel and liquefied petroleum gas (LPG) from today, July 16 as the second pricing window for July takes effect, with rising global oil prices and a weaker cedi pushing up pump prices.
Industry projections by the Chamber of Oil Marketing Companies (COMAC) indicate that petrol prices could increase by 5.3%, diesel by 7.5%, and LPG by 1.3%.
The anticipated increases are expected to raise transportation and business operating costs, with the potential to spill over into higher prices for goods and services if businesses pass on the additional fuel costs to consumers.
According to COMAC, the latest pricing outlook reflects renewed volatility in global energy markets.
Geopolitical tensions, particularly concerns over the security of oil shipments through the Strait of Hormuz and renewed tensions between the United States and Iran, have pushed international crude oil and refined petroleum product prices higher.
As a result, Brent crude oil has climbed above US$80 per barrel, increasing the cost of imported fuel.
For Ghana, which relies heavily on imported refined petroleum products, movements in international oil prices are quickly reflected at the pumps.
The recent depreciation of the cedi against major trading currencies has further compounded the cost of fuel imports, adding to the upward pressure on domestic prices.
NPA raises fuel price floors
Fresh figures from the National Petroleum Authority (NPA), sighted by Citi Business News, also show an upward adjustment in the official price floors for the second pricing window of July.Business & Corporate Law
The petrol price floor has been raised to GH¢13.28 per litre, up from GH¢12.79, representing an increase of GH¢0.49, or 3.8 percent.
The diesel price floor increased to GH¢14.35 per litre from GH¢13.54, an increase of GH¢0.81, equivalent to 6 percent.
For LPG, the minimum price rose marginally to GH¢10.19 per kilogram, compared with GH¢10.11 in the previous pricing window, representing a 0.8 percent increase.News
The price floors represent the minimum benchmark prices below which Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are not expected to sell petroleum products during the pricing window.
What it means for consumers
The latest adjustments are expected to place fresh pressure on household budgets at a time when transport operators and businesses are already grappling with rising operating costs.
Diesel, which powers commercial transport, mining, manufacturing and agriculture, is projected to record the steepest increase, raising concerns that higher logistics costs could eventually feed into consumer prices.
The fuel price adjustments also pose a risk to Ghana’s recent progress in moderating inflation, as higher energy costs typically ripple through the broader economy.Ghana tourism promotion
With global geopolitical tensions showing little sign of easing and exchange rate movements remaining a key determinant of import costs, consumers may continue to face elevated fuel prices in the coming pricing windows.
