Ghana: diesel prices could exceed 19 cedis starting Wednesday

Diesel prices in Ghana could surpass 19 cedis per liter beginning Wednesday, September 16, following an increase in the minimum fuel prices set by the National Petroleum Authority. The regulator has established a minimum price of 16.77 cedis per liter for diesel and 16 cedis for gasoline.

The Chamber of Petroleum Consumers anticipates a more significant rise at the pumps. According to its projections, diesel could average 19.07 cedis per liter, representing a 10.23% increase from the current average level, while gasoline could reach approximately 16.26 cedis, up by 4.24%.

The new minimum price for diesel rises by 1.17 cedis per liter from the 15.60 cedis set during the first pricing window of September. The minimum price for gasoline increases by 1.47 cedis, from 14.53 to 16 cedis. For liquefied petroleum gas, the minimum rises from 10.85 to 10.97 cedis per kilogram.

This increase is attributed to the rise in international oil and refined product prices. COPEC reports that the price of crude oil has increased from 89.30 to 103.07 dollars per barrel during the reference period, while international prices for gasoline and diesel have risen by 10.08% and 12.33%, respectively. The cedi’s appreciation of 0.29% against the dollar has only partially offset this pressure.

The minimum prices set by the NPA are just that—minimums—and do not include all the premiums and margins applied by operators, which can push actual prices above these thresholds. COPEC has requested that the government reduce the price of gasoline by one cedi per liter and maintain a two cedi per liter subsidy on diesel.