Prices of petroleum products are likely to be reduced from August 16, 2026.

This follows the National Petroleum Authority's decision to reduce the price floor for various petroleum products sold on the Ghanaian market.

Details

Based on data picked up by JOY BUSINESS, the price floor for petrol has been reduced from GH¢ 14.53 to GH¢ 13.92 per litre.

This represents more than a 4.1% cut in the benchmark for setting prices of petroleum products, as agreed with industry players. It also means the price of petrol has been reduced by GH¢ 0.61.

Diesel has also been reduced from GH¢ 16.97 to GH¢ 15.19, representing a reduction of GH¢ 1.78, or about 10.48%.

This could be the biggest drop in recent times for this particular product.

LPG has been reduced from GH¢ 11.06 to GH¢ 10.98.

In the notice, the NPA reminded all industry players, including Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs), not to sell petroleum products below the approved price floor during the pricing window.

However, the NPA was quick to add that the price floors exclude the premiums charged by International Oil Trading Companies (IOTCs) and the operating margins of BIDECs, as well as the marketers' and dealers' margins of OMCs/LPGMCs. These will be independently determined by the companies as pertains under the PPPG.

Challenges Ahead

However, considering that most oil marketing firms are now pricing well above the price floor, it is still unclear whether consumers will enjoy any reduction at the pumps from Monday, August 16, 2026, or whether prices could be kept unchanged.

Some of the major oil marketing firms are selling a litre of petrol at GH¢ 15.49, while diesel is going for GH¢ 16.97.

These prices are above the price floor set by the National Petroleum Authority for the first pricing window of August 2026.

The government, on August 3, 2026, announced that it would absorb GH¢ 2 of the price of diesel at the pumps.

According to the government, the relief will last for one month. It is therefore unclear whether the recent decision to cushion consumers might have played a role in the margin of reduction for the price of diesel.

Energy and Green Transition Minister John Jinapor has already indicated that the intervention is only for August and will be reviewed before any decision is taken on its continuation.

In a social media post, the minister stated: “The relief measure is for a period of one month (August 2026) and will be subject to review within that period, taking into account prevailing market conditions and other relevant factors.”

He added: “This intervention reflects government’s commitment to easing the burden on consumers while ensuring stability within the downstream petroleum sector.