Petrol prices could fall at the pumps from November 1, 2026, while diesel prices may rise slightly following changes to the National Petroleum Authority’s (NPA) price floors for the first half of November.
Market data obtained by JoyBusiness show that the petrol price floor has been reduced from GH¢16.09 to GH¢15.39 per litre for the November 1–15 pricing window.
Diesel, however, is heading in the opposite direction. Its price floor has increased from GH¢17.09 to GH¢17.41 per litre.
LPG users could also see a small reduction, as the price floor for liquefied petroleum gas has dropped from GH¢13.89 to GH¢13.73 per kilogram.
These figures are minimum pricing benchmarks set under the NPA’s pricing formula. They are not the final prices consumers will pay at the pumps.
The NPA explains that the price floors exclude charges such as premiums paid to international oil trading companies, operating margins for bulk distributors and the margins applied by oil marketing and LPG marketing companies.
Individual companies will determine these charges under the approved petroleum products pricing formula, meaning actual pump prices may vary from one marketer to another.
What this means for consumers
The changes could bring mixed news for motorists in the next pricing window.
The lower petrol and LPG price floors could give oil marketers room to reduce their prices, although the actual reductions will depend on their costs and margins.
Diesel users, on the other hand, could face a slight increase in prices because its minimum benchmark has gone up.
One major oil marketing company currently sells petrol at GH¢16.45 per litre and diesel at GH¢17.95 per litre.
While some marketers may cut their prices, others could decide to keep them unchanged.
Rising international crude oil prices could put further pressure on local fuel costs. However, the recent appreciation of the cedi may help soften the impact.
How fuel prices moved in October
The latest adjustments follow modest reductions in petrol and diesel prices at the pumps from October 16, 2026. LPG prices, however, were expected to rise by about 18.5% per kilogram during that period.
The Chamber of Oil Marketing Companies attributed the reductions in petrol and diesel prices to changes in international refined fuel prices and government subsidy measures.
In its assessment, the Chamber reported that average crude oil prices had risen by 2.03% to US$126.73 per barrel amid renewed concerns about supply.
Prices of refined petroleum products moved in different directions. International LPG prices increased by 7.77%, while diesel and petrol prices fell by 6.68% and 3.93%, respectively.
The cedi also came under pressure during the period, depreciating by 1.61% to GH¢11.8222 per US dollar based on average bank rates between September 26 and October 11, 2026.
According to the Chamber, the currency had lost more than 11% of its value against the dollar since the start of the year, with seasonal demand for imports and rising energy costs adding to the pressure.
Despite these challenges, lower international prices for petrol and diesel, along with government subsidy measures, helped support the reductions recorded at the pumps in the second half of October.
For the November 1–15 pricing window, motorists may therefore see some relief on petrol, while diesel users could face a slight increase. The final outcome will depend on the prices set by individual oil marketing companies.
Source: myjoyonline.com
