Fuel prices to rise from September 16 as NPA raises petrol, diesel and LPG price floors: See latest prices

• Petrol, diesel and LPG price floors rise from September 16 as NPA announces new rates.

• Petrol rises to GH¢16 per litre, diesel to GH¢16.77 and LPG to GH¢10.97 per kilogramme.

• Higher global crude oil prices could add further pressure on pump prices.

The National Petroleum Authority (NPA) has raised the price floors for the three products as part of the second pricing window for September.

The adjustment comes at a time when international crude oil prices have risen sharply amid renewed concerns over disruptions to global supplies.

Also Read: Fuel prices increase in Ghana: Major OMCs announce new petrol and diesel prices - See latest prices

The new minimum price for petrol has been fixed at GH¢16 per litre, representing an increase of GH¢1.47 from the previous floor of GH¢14.53.

Diesel will now have a minimum price of GH¢16.77 per litre, up from GH¢15.60 in the first pricing window of September. This represents an increase of GH¢1.17 per litre.

For LPG, the new floor has been set at GH¢10.97 per kilogramme, compared with GH¢10.85 previously.

The LPG floor has therefore increased by GH¢0.12 per kilogramme.

Also Read: NPA raises fuel price floors for August first pricing window: See latest petrol, diesel and LPG rates

The NPA publishes price floors for deregulated petroleum products ahead of each pricing window as part of its regulatory role in Ghana's downstream petroleum sector.

The announced figures should not be treated as the exact prices consumers will find at every fuel station.

Under Ghana's petroleum pricing framework, the NPA establishes minimum price floors, while Petroleum Service Providers determine their prices in accordance with the prescribed pricing formula.

The framework allows Oil Marketing Companies (OMCs) and LPG Marketing Companies to determine certain components of their final prices, including suppliers' premiums and marketers' and dealers' margins.

Also Read: Fuel prices increase as major OMCs announce new petrol and diesel prices: See the latest rates

Consequently, the amount charged at individual fuel stations could be higher than the new NPA minimums, depending on the applicable costs and margins.

The latest increase comes against a backdrop of a sharp rally in global crude oil prices.

Brent crude climbed to about $107.82 a barrel on September 14, while US West Texas Intermediate (WTI) rose to about $102.82, as renewed conflict and attacks on energy infrastructure heightened concerns about oil supplies.

One of the major concerns is the temporary shutdown of Saudi Arabia's East-West oil pipeline following a drone attack. The route is important because it allows Saudi crude to reach the Red Sea without passing through the Strait of Hormuz.

Also Read: NPA increases fuel price floors; see latest prices

The disruption has added to uncertainty in an already tense oil market, with shipping activity through the Strait of Hormuz also significantly below normal levels.

For motorists, the higher petrol and diesel floors could translate into increased spending on fuel once Oil Marketing Companies adjust their prices.

Households that rely on LPG could also see higher costs, although the increase in the LPG floor is considerably smaller than the adjustments for petrol and diesel.

Also Read: Petrol, LPG prices rise, diesel drops as NPA announces ex-pump price floors for first half of June

The new minimum prices take effect on Wednesday, September 16, beginning the second pricing window of the month.

• Petrol: GH¢16 per litre

• Diesel: GH¢16.77 per litre

• LPG: GH¢10.97 per kilogramme