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Fuel prices in Ghana are set to increase in the upcoming pricing window, according to Dr. Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies (OMCs).
Speaking on Channel One TV’s *Face to Face* on Tuesday, June 17, Dr. Oppong noted that while consumers are enjoying a slight reduction in fuel prices this week, that relief is likely to be short-lived due to rising global market prices and a fragile cedi.
“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” he stated.
Dr. Oppong attributed the current price stability to a government decision to suspend the GH¢1 tax component on fuel, which helped avert a projected 9.5% increase. Without the tax relief, pump prices would have surged despite the cedi’s slight appreciation.
“Because the international benchmark prices were also going up gradually, it neutralized the gains from the local currency,” he explained. As a result, consumers only experienced a modest 2% drop in prices.
He warned that fuel prices could rise sharply in the next pricing window, with some Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) likely to hoard fuel in anticipation of increased margins.
“Next week, two things might happen. You might see BDCs and OMCs hoarding product waiting for the next window, because for sure it will go up 100%,” he cautioned.
Dr. Oppong added that the Chamber is working with stakeholders to prevent hoarding, which could exacerbate supply issues and price hikes.
His comments come amid growing consumer frustration over volatile pump prices and the broader economic impact of global oil trends.
