Petrol prices tipped to fall from Nov. 1 as diesel floor rises

Petrol prices could fall at the pump from November 1, 2026, while diesel prices may rise marginally after the National Petroleum Authority (NPA) adjusts its price floors. Market data obtained by JoyBusiness indicates 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. The diesel floor, however, has increased from GH¢17.09 to GH¢17.41 per litre.

Liquefied petroleum gas (LPG) could also see some relief, with its price floor declining from GH¢13.89 to GH¢13.73 per kilogram. These figures are price floors, not final retail prices. According to the NPA, they exclude premiums charged by International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, and margins charged by Oil Marketing Companies and LPG Marketing Companies.

The respective companies will determine those charges independently under the prescribed Petroleum Products Pricing Formula. Impact The adjustments could produce mixed price movements at the pumps during the next pricing window. Lower price floors could give marketers room to reduce petrol and LPG prices. However, final adjustments will depend on the premiums and margins individual companies apply.

One major oil marketing company currently sells petrol at GH¢16.45 per litre and diesel at GH¢17.95 per litre. Some marketers could reduce prices, while others may leave them unchanged. The higher diesel floor also suggests upward pressure on its retail price. Although international crude oil prices have been rising, the cedi’s recent appreciation may help cushion some of the pressure on local fuel prices.

Background and price quotes for October Petrol and diesel prices recorded marginal reductions at the pumps from October 16, 2026. LPG prices, however, were projected to rise by about 18.5% per kilogram. The Chamber of Oil Marketing Companies attributed the petrol and diesel reductions to movements in international refined product prices and government subsidy measures.

In its report for that period, the Chamber said average crude oil prices rose 2.03% to US$126.73 per barrel amid renewed supply concerns. Refined petroleum products recorded mixed movements. International LPG prices rose 7.77%, while diesel and petrol prices fell 6.68% and 3.93%, respectively. Over the same assessment period, the cedi depreciated by 1.61% to GH¢11.8222 per US dollar, based on average bank rates between September 26 and October 11, 2026.

The Chamber said the currency had lost more than 11% against the dollar since the start of the year, with seasonal import demand and higher energy costs contributing to the pressure. Despite those pressures, lower international petrol and diesel prices, together with the subsidy measures, supported modest reductions at the pumps during the October 16 pricing window.