The National Petroleum Authority (NPA) has instructed various industry stakeholders to raise the Unified Petroleum Price Fund (UPPF) margin by GH₵0.05 per litre in the Price Build Up for petroleum products starting June 1, 2024.

As a result, consumers are likely to see an increase in the cost of petroleum products in the near future.

The NPA clarified that this margin adjustment is essential to maintain the fund's sustainability, ensuring the efficient distribution of petroleum products nationwide.

This directive was outlined in a circular dated May 30, 2024, and reviewed by JOYBUSINESS.

Following this directive, the margin on diesel and petrol has been increased by GH₵0.05, bringing it to GH₵0.90.

Petroleum product prices were already anticipated to rise this week.

However, due to this new development, prices may experience higher-than-expected increases at the pumps.

This will depend on whether oil marketing companies decide to absorb the additional cost or pass it on to consumers.