Fuel prices see slight relief in May as diesel records sharper drop

Fuel prices in Ghana are expected to record a slight decline from May 1, 2026, as the National Petroleum Authority (NPA) announces revised ex-pump price floors for petroleum products for the first pricing window in May.

In a pricing notice issued on April 28, the Authority explained that the adjustments are based on its bi-monthly review mechanism, which runs from May 1 to May 15. The review takes into account movements in global crude oil prices as well as fluctuations in the Ghanaian cedi against major trading currencies.

“The National Petroleum Authority has set the ex-pump price floors for the May 1 to 15 window in line with the Petroleum Products Pricing Guidelines,” the statement noted.

Under the new pricing structure, petrol has been set at GH¢13.25 per litre, while diesel is priced at GH¢14.30 per litre. Liquefied Petroleum Gas (LPG) will sell at GH¢13.02 per kilogramme, with kerosene and Marine Gas Oil Local priced at GH¢16.13 and GH¢15.41 respectively.

Compared to the previous pricing window in mid-April, petrol has seen a marginal reduction of 2 pesewas. Diesel, however, has recorded a more significant drop of GH¢1.80 per litre, reflecting easing pressure on international oil prices and relative stability in exchange rate movements.

This latest reduction follows a period of sharp fuel price increases earlier in April, when diesel prices surged to as high as GH¢17.10 per litre. The spike was largely driven by rising global crude oil prices, which were influenced by geopolitical tensions in the Middle East that pushed Brent crude above $100 per barrel, increasing import costs for oil-dependent economies like Ghana.

Since then, diesel prices have fallen by about GH¢2.80 from their peak earlier in the month, although they remain above levels recorded in February and early March 2026.

To cushion consumers during the earlier price hikes, the government intervened by removing certain margins in the petroleum price build-up from the April 16 pricing window. These included a GH¢2.00 per litre margin on diesel and GH¢0.36 on petrol. It remains unclear whether these interventions will continue into the new pricing window or be reviewed as part of the upcoming mid-year fiscal assessment.

The NPA has also reminded Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Marketing Companies (LPGMCs) to strictly adhere to the announced price floors. However, companies are permitted to apply their own margins, meaning that actual pump prices may vary slightly depending on the station.

“As per the Petroleum Products Pricing Guidelines, all OMCs and LPGMCs are entreated to comply with the above price floors for the window under consideration,” the Authority stated.

While the adjustment is expected to offer modest relief to consumers, transport operators have cautioned that sustained volatility in fuel prices could still lead to increases in transport fares. This, they warn, may have broader implications for the cost of living and inflationary pressures across the country.

The new pricing regime officially takes effect on May 1, 2026, and will be reviewed again in mid-May in line with the NPA’s pricing cycle.