Fuel prices dip from May 1 as diesel drops sharply, LPG set to surge

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, potentially retailing at around GH¢14.51 per litre. Diesel is projected to fall by 6.77%, likely selling at about GH¢15.87 per litre. In contrast, LPG is expected to rise by as much as 10.41% per kilogramme. The Chamber attributes the increase to delayed effects of the current tender arrangement, which cushioned earlier price hikes but is now reflected in market prices. Reasons for the mixed outlook include falling international crude oil prices (from $129.80 to $113.80 per barrel, a 12.33% decline) and easing US–Iran conflict tensions. Diesel recorded the steepest drop at 14.16%, followed by LPG at 13.11%, and petrol at 1.08%. However, these declines were insufficient to offset the depreciation of the Ghana cedi (from GH¢11.1324 to GH¢11.2057 per USD, a 0.65% dip). The National Petroleum Authority (NPA) has set price floors: petrol at GH¢13.25/litre, diesel at GH¢14.30/litre, and LPG at GH¢13.02/kg. Petrol and diesel have already seen declines from previous mid-April pricing, with diesel dropping by GH¢1.80/litre. OMCs must comply with the Petroleum Products Pricing Guidelines (PPPG) for the current window, excluding additional margins.