The price floors for petrol, diesel and liquefied petroleum gas (LPG) for the first pricing window of August have been raised by the National Petroleum Authority (NPA) in comparison to the second pricing window of July, suggesting that fuel prices are still under pressure to rise.
The NPA reports that the floor price of fuel has risen by GH1.25, or 9.4%, from GH13.28 to GH14.53 per litre.
The price floor for fuel has increased by GH¢2.62, or 18.3%, from GH¢14.35 to GH¢16.97 per litre.
Operating expenses in the transportation, mining, construction, industrial, and agricultural sectors are predicted to climb as a result of this, one of the biggest hikes in diesel prices in recent memory.
Additionally, the floor price of LPG has gone up by GH¢0.87, or 8.5%, from GH¢10.19 to GH¢11.06 per kilogram.
The price floors are the lowest retail prices that Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are required to adhere to throughout the pricing window, according to the NPA.
The operational margins of Bulk Import, Distribution, and Export Companies (BIDECs), the premiums levied by International Oil Trading Companies (IOTCs), and the margins of marketers and dealers are not included.
The higher price floors coincide with the ongoing pump price increases by a number of OMCs.
According to the most recent changes, gasoline prices are projected to continue to be under pressure during the first pricing window of August. Increased fuel costs are anticipated to result in higher production, transportation, and logistics costs, which may raise consumer prices and transportation fares.
Source: newsthemegh.com