On Tuesday, April 16, 2024, several Oil Marketing Companies (OMCs) implemented price hikes for fuel, marking the second pricing window of the month.
Checks by Citi News at various OMC outlets revealed significant increases in fuel prices. For instance, state-owned Goil raised the price of petrol to GHȼ14.99 per litre from GHȼ14.15 in the previous pricing window, while diesel now sells at GHȼ14.80 per litre, up from GHȼ14.74.
Similarly, Total Energies is now selling petrol at GHȼ14.30 per litre and diesel at GHȼ14.80 per litre.
Citi Business News confirms a general adherence to the price floors set by the National Petroleum Authority (NPA). The NPA initiated the implementation of these price floors for the downstream petroleum sector as outlined in the amended petroleum products pricing guidelines.
Initially, the NPA had postponed the implementation of the price floor to the second pricing window of April to engage stakeholders further, following objections from industry players, including energy think tanks like the Africa Centre for Energy Policy (ACEP). These objections contended that the set price floor would not benefit consumers.
According to documents obtained by Citi Business News, the NPA has established an ex-pump price floor of GHȼ13.02 for petrol and GHȼ13.07 for diesel, with liquefied petroleum gas (LPG) priced at GHȼ10.52. This pricing structure will be enforced from April 16 to April 30, 2024.
The set price floor mandates that Oil Marketing Companies and Liquefied Petroleum Gas firms cannot sell their products below these specified prices.
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