Ghana Raises Fuel Price Floors Amid Global Refining Shortages

The National Petroleum Authority raised the official minimum price floors for petrol, diesel, and liquefied petroleum gas (LPG) effective July 16, 2026. Petrol prices rose from GH¢12.79 to GH¢13.28 per litre, diesel increased from GH¢13.54 to GH¢14.35 per litre, and LPG saw a marginal increase from GH¢10.11 to GH¢10.19 per kilogram.

The price adjustments stem from a combination of international supply constraints and domestic economic factors. Global diesel and petrol prices are under upward pressure due to refining capacity shortages and shipping disruptions in the Strait of Hormuz linked to escalating conflict involving Iran. While crude oil supplies remain available, attacks on refining infrastructure in Russia and the Middle East have limited fuel production, leading to tighter supplies of jet fuel and diesel.

Domestically, a 0.56 per cent depreciation of the Ghanaian cedi against the US dollar offset a decline in global crude oil prices, which dropped from US$78 to US$71.90 per barrel during the review period. The National Petroleum Authority maintains these measures promote market stability.

In response, the Chamber of Petroleum Consumers projected retail petrol prices between GH¢13.15 and GH¢14.53 and diesel between GH¢14.16 and GH¢15.65. The industry group urged Oil Marketing Companies to maintain existing prices to cushion consumers, while other industry players argued that the price floor policy limits competition.