The prices of petrol, diesel, and liquefied petroleum gas (LPG) have gone up for the second pricing window of July compared with the first pricing period of the month.
New figures from the National Petroleum Authority (NPA) show that the price floor for petrol has increased from GH¢12.79 per litre in the first pricing window to GH¢13.28 per litre in the second window.
This means petrol has gone up by GH¢0.49 per litre, representing a 3.8% increase.
Diesel prices have also seen an increase, moving from GH¢13.54 per litre to GH¢14.35 per litre. This is an increase of GH¢0.81 per litre, which is a 6.0% rise.
For LPG, the price floor has increased slightly from GH¢10.11 per kilogram to GH¢10.19 per kilogram. This represents an increase of GH¢0.08 per kilogram, or 0.8%.
The latest adjustment comes after recent reductions in petroleum product prices. The NPA said the new figures reflect changes in market conditions.
Price floors are the minimum prices that Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are allowed to use when setting their prices during a pricing period.
Under the Petroleum Product Pricing Guidelines (PPPG), all OMCs and LPGMCs are required to follow the approved price floors for each pricing window.
However, the price floors do not include some additional costs, such as premiums charged by International Oil Trading Companies (IOTCs), operating margins of Bulk Import, Distribution and Export Companies (BIDECs), and the margins of fuel marketers and dealers.
These costs are determined separately by the companies involved.
The increase in fuel price benchmarks comes at a time when tensions in the Middle East, involving the United States and Iran, have pushed global crude oil prices higher. Brent crude prices have risen above US$80 per barrel.
There are concerns that if global oil prices continue to rise, fuel prices at the pumps in Ghana could come under further pressure, depending on international market conditions and changes in the value of the local currency.
