Petrol, LPG prices may drop from November 1 as diesel costs rise
Petrol and liquefied petroleum gas (LPG) prices may fall at fuel stations from November 1, 2026, while diesel prices could increase following adjustments to the National Petroleum Authority’s (NPA) price floors for the first half of November.
The NPA has lowered the minimum price benchmark for petrol from GH¢16.09 to GH¢15.39 per litre for the November 1–15 pricing period. The price floor for LPG has also dropped from GH¢13.89 to GH¢13.73 per kilogram.
In contrast, diesel’s price floor has increased from GH¢17.09 to GH¢17.41 per litre.
The adjustments suggest that consumers could experience varying price changes across the three major petroleum products. The lower benchmarks for petrol and LPG could create room for price reductions, while the increase in diesel’s floor may put upward pressure on its pump price.
However, changes to the price floors do not necessarily mean pump prices will fall or rise by the same amounts.
The NPA explained that the benchmarks exclude premiums charged by International Oil Trading Companies, operating margins applied by Bulk Import, Distribution and Export Companies, as well as the margins of Oil Marketing Companies and LPG Marketing Companies.
These additional costs are determined independently by the respective companies in line with the approved Petroleum Products Pricing Formula.
As a result, the final prices paid by consumers will depend on how individual fuel marketers adjust their premiums and margins during the new pricing period.
Cedi appreciation could cushion rising crude oil prices
The potential price relief for petrol and LPG consumers comes amid rising international crude oil prices. However, the recent appreciation of the cedi could help reduce the impact of external market pressures on domestic fuel costs.
During the previous pricing review on October 16, 2026, petrol and diesel prices recorded slight reductions at the pumps, while LPG prices were projected to rise by approximately 18.5% per kilogram.
The Chamber of Oil Marketing Companies attributed the reductions in petrol and diesel prices to movements in international refined petroleum product prices and government subsidy measures.
In its report for the period, the Chamber disclosed that average crude oil prices had risen by 2.03% to US$126.73 per barrel amid renewed concerns over supply.
International prices for refined petroleum products, however, followed different trends. LPG prices increased by 7.77%, while diesel and petrol prices fell by 6.68% and 3.93%, respectively.
The latest NPA adjustments indicate that domestic fuel prices may continue to move in different directions depending on international market trends, exchange-rate movements and pricing decisions by individual oil marketers.
Ultimately, the actual pump prices announced by Oil Marketing Companies from November 1 will determine whether consumers experience reductions or increases, rather than the revised price floors alone.
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