Petrol prices tipped to fall from Nov. 1 as diesel floor rises

Petrol prices may decrease and diesel prices could see a slight increase at the pump from November 1, 2026, following adjustments to price floors by the National Petroleum Authority (NPA). Market data reveals the petrol price floor has been lowered from GH¢16.09 to GH¢15.39 per litre for the November 1–15 window, while the diesel floor has risen from GH¢17.09 to GH¢17.41 per litre.

LPG prices may also experience a minor reduction, with the price floor falling from GH¢13.89 to GH¢13.73 per kilogram. These price floors do not represent final retail prices, as they exclude premiums from International Oil Trading Companies, margins of Bulk Import, Distribution and Export Companies, and charges by Oil Marketing Companies and LPG Marketing Companies.

The final outcomes will depend on how individual companies apply these factors under the Petroleum Products Pricing Formula. The adjustments could result in mixed price movements at the pumps during the upcoming pricing window. Lower floors may enable marketers to reduce petrol and LPG prices, but final adjustments will hinge on the specific premiums and margins applied by each company.

One prominent oil marketing firm currently offers petrol at GH¢16.45 per litre and diesel at GH¢17.95 per litre. Some companies could lower prices, while others might maintain them unchanged. The higher diesel floor indicates potential upward pressure on retail diesel prices. Although global crude oil prices have been on the rise, Ghana's cedi has strengthened recently, which could alleviate some pressure on local fuel prices.

The price reductions in October were primarily due to fluctuations in international refined product prices and government subsidy measures, as reported by the Chamber of Oil Marketing Companies. While international crude oil prices have increased, the cedi's recent appreciation may help alleviate some of the pressure on local fuel prices.