The National Petroleum Authority has established higher minimum retail price floors for petroleum products for the first pricing window of August, signaling sustained upward pressure on consumer pump prices according to data published by Citi Business News.
The regulatory authority raised the price floor for diesel to sixteen cedi ninety-seven pesewas per litre, marking an eighteen point three percent increase from the previous threshold of fourteen cedi thirty-five pesewas per litre set in late July.
Petrol also recorded an upward adjustment, with the regulator raising the floor by nine point four percent to fourteen cedi fifty-three pesewas per litre, while liquefied petroleum gas increased by eight point five percent to eleven cedi six pesewas per kilogram.
The established price floors represent the mandatory baseline retail rates for oil marketing companies and liquefied petroleum gas marketing companies, excluding international supplier premiums, import distribution margins, and dealer markups.
Industry analysts attribute the higher regulatory baseline to escalating international crude oil prices driven by geopolitical tensions in the Middle East and a nine point five percent depreciation of the cedi against the United States dollar recorded through the end of July.
The substantial revision to the diesel floor is expected to elevate operational expenses for transport operators, manufacturing firms, and commercial agriculture enterprises, increasing broader inflationary pressures across the national economy.
