Fuel prices ease across selected pumps

Fuel prices have begun May on a slightly lower note, bringing modest relief to consumers after recent volatility in the petroleum market.

At GOIL, petrol is now selling at GH¢13.25 per litre, a marginal drop from GH¢13.27 in the previous pricing window. Diesel prices saw a more significant reduction, falling by 44 pesewas to GH¢15.66 per litre from GH¢16.10. However, GOIL’s Super XP 95 remains unchanged at GH¢15.77 per litre.

Star Oil has also adjusted its prices in line with the new window. Petrol is now retailing at GH¢13.25 per litre, reflecting a slight decrease of 2 pesewas. Diesel recorded a sharper decline, dropping by 55 pesewas to GH¢15.55 per litre from GH¢16.10. Its RON 95 product continues to sell at GH¢14.67 per litre.

The price adjustments align with earlier projections for May and are largely attributed to a decline in global oil prices, as well as ongoing efforts between government and industry stakeholders to stabilise the local fuel market.

Other Oil Marketing Companies (OMCs) are expected to announce their revised prices in the coming days, as exchange rate movements and international benchmarks continue to influence pricing dynamics.

Meanwhile, the National Petroleum Authority (NPA) has revised its price floors for the new pricing window. The minimum price for petrol has been set at GH¢13.25 per litre, slightly down from GH¢13.27, while diesel’s price floor has dropped significantly to GH¢14.30 per litre from GH¢16.10, marking a GH¢1.80 reduction.

In contrast, Liquefied Petroleum Gas (LPG) has recorded a sharp increase, with its price floor rising to GH¢13.02 per kilogram from GH¢10.79, representing an increase of GH¢2.23.

The NPA reiterated that all OMCs and LPG Marketing Companies must comply with the approved price floors under the Petroleum Products Pricing Guidelines. It noted that the announced figures exclude additional charges such as international trading premiums and operational margins, which are determined independently by industry players within the regulatory framework.