- Petrol expected to drop by up to 0.51% per litre
- Diesel to record one of the steepest reductions in recent months, falling by 6.77%
- LPG expected to rise by as much as 10.41% per kilogramme
- Price adjustments to take effect on Friday, May 1, 2026
The Ghanaian market is set for a mixed adjustment in fuel prices from Friday, May 1, 2026, with petrol and diesel expected to decline, while Liquefied Petroleum Gas (LPG) is expected to increase sharply. The Chamber of Oil Marketing Companies has released data indicating the projected price changes.
The price adjustments are largely driven by falling international market prices and ongoing joint government-industry interventions aimed at cushioning consumers. Global crude oil prices fell significantly during the pricing window, from $129.80 per barrel to $113.80 per barrel, representing a 12.33% decline.
Reasons for the Mixed Pricing Outlook
The downward movement in petrol and diesel prices is largely driven by falling international market prices and ongoing joint government-industry interventions aimed at cushioning consumers. Market sentiment has also shifted, with traders increasingly confident that the kinetic phase of the US-Iran conflict is easing or has passed.
Prices of refined petroleum products also declined internationally for the May 1 pricing window. Diesel recorded the steepest drop at 14.16%, followed by LPG at 13.11%, and petrol at 1.08%. However, these declines were not strong enough to fully offset the impact of the cedi's depreciation during the period.
The Ghana cedi weakened slightly against major currencies, moving from GH¢11.1324 to GH¢11.2057 per US dollar, representing a 0.65% dip. This depreciation is expected to have a negative impact on LPG prices, despite generally lower international prices.
NPA Price Floor and Industry Response
The National Petroleum Authority has set price floors under its guidelines. Petrol has been pegged at GH¢13.25 per litre, excluding additional margins and charges. Diesel has a floor price of GH¢14.30 per litre, while LPG is set at GH¢13.02 per kilogramme. Kerosene and Marine Gas Oil Local are pegged at GH¢16.13 and GH¢15.41, respectively.
Compared to the previous mid-April window, petrol has seen a marginal 2 pesewas drop, while diesel has declined significantly by GH¢1.80 per litre. The Authority has clarified that the quoted prices exclude premiums charged by International Oil Trading Companies, as well as margins for Bulk Import, Distribution and Export Companies and retailers.
Background
The current fuel price adjustments are the result of a combination of market and economic factors. Ghana's fuel prices have historically been influenced by global crude oil prices, the strength of the local currency, and government policies aimed at regulating the market.
In recent years, the Ghanaian government has implemented various interventions aimed at stabilizing fuel prices and protecting consumers from price shocks. These interventions have included joint government-industry initiatives to reduce prices, as well as the establishment of price floors and ceilings by the National Petroleum Authority.
Looking Ahead
The mixed price adjustment is expected to have a significant impact on the Ghanaian market, particularly for consumers and businesses that rely heavily on fuel. The price changes are likely to influence consumer spending habits, transportation costs, and the overall economy.
As the new pricing window takes effect, stakeholders will be closely monitoring the market to assess the impact of the price adjustments. The National Petroleum Authority and the Chamber of Oil Marketing Companies will also be watching to ensure that oil marketing companies comply with the price floors and ceilings.
