Fuel prices are set for a mixed adjustment from Friday, May 1, 2026, with petrol and diesel expected to decline, while Liquefied Petroleum Gas (LPG) is expected to increase sharply.

Data from the Chamber of Oil Marketing Companies shows petrol could drop by up to 0.51% per litre. This could see some Oil Marketing Companies (OMCs) retail petrol at around GH¢14.51 per litre, particularly those that purchase products on credit from Bulk Oil Distributing Companies.

Diesel is projected to record one of the steepest reductions in recent months, falling by 6.77% and likely selling at about GH¢15.87 per litre.

In contrast, LPG is expected to rise by as much as 10.41% per kilogramme, despite generally lower international prices.

The Chamber explained that the increase reflects “the delayed effect of the current tender arrangement, which cushioned earlier price hikes, but is now beginning to reflect in market prices.”

Reasons for mixed pricing outlook

According to the Chamber, 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.

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.

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.

NPA price floor and industry response

Attention is now shifting to how OMCs will respond to the new pricing window, especially as May 1 falls on a public holiday.

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.

In a notice to OMCs, the Authority stated: “As per the Petroleum Products Pricing Guidelines (PPPG), all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are entreated to comply with the above price floors for the window under consideration.”

It 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.

“These will be independently determined by the companies as pertains under the PPPG,” the Authority added.

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Petrol prices to decrease, LPG prices to increase from May 1

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