The National Petroleum Authority (NPA) has announced a reduction in the benchmark price floors for petrol, diesel and liquefied petroleum gas (LPG) for the second pricing window of June, offering potential relief to consumers and businesses amid easing international market pressures.
According to the latest pricing review, the benchmark price floor for petrol recorded the largest adjustment, falling by nearly 12 percent from GH¢15.20 per litre to GH¢13.39 per litre. Diesel prices were also revised downward, with the benchmark dropping from GH¢15.49 per litre to GH¢15.11 per litre, representing a 2.5 percent decline. LPG prices were similarly reduced, moving from GH¢13.48 per kilogram to GH¢13.23 per kilogram.
The revised benchmarks serve as the minimum retail prices that Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are expected to observe during the second pricing window of June under the Petroleum Product Pricing Guidelines.
The NPA, however, clarified that the benchmark figures do not include additional cost components such as premiums charged by International Oil Trading Companies, margins of Bulk Import, Distribution and Export Companies (BIDECs), as well as marketers’ and dealers’ margins. These elements remain subject to independent determination by industry players.
The downward review comes as authorities continue to assess measures introduced to cushion consumers from fuel price volatility linked to geopolitical tensions in the Middle East. Under the latest adjustments, government support on petrol has been withdrawn, while the subsidy on diesel has been reduced from GH¢2.00 per litre to GH¢1.07 per litre.
Officials indicated that the revised support package will remain in place for two pricing windows, after which it may be reviewed depending on developments in both international and domestic fuel markets.
Industry observers expect the reduction in fuel price floors to ease operating costs for transport operators, manufacturers and other fuel-intensive businesses. The adjustment could also contribute to moderating inflationary pressures by lowering transportation and production expenses across the economy.
The latest price review reflects improving market fundamentals and is expected to provide some breathing space for households and businesses navigating rising cost pressures in recent months.
Source: businesspostonline
