Consumers should prepare for significant fuel price increases in the coming days, according to Dr. Riverson Oppong, CEO of Ghana’s Chamber of Oil Marketing Companies (OMCs).
His warning comes despite a marginal price reduction this week, which he attributed to temporary government intervention rather than improved market conditions.
Speaking on Channel One TV’s Face to Face program, Dr. Oppong explained that the recent slight dip in pump prices resulted from a government directive suspending a GH¢1 tax. Without this measure, prices would have risen by 9.5%. “The tax suspension stabilized prices temporarily, but underlying pressures remain,” he said.
Global oil price trends and exchange rate fluctuations are now converging to push costs upward. Dr. Oppong cautioned that the next pricing window, starting June 24, will likely see sharp increases. He also raised concerns about potential hoarding by distributors seeking to capitalize on higher margins.
“We’re engaging bulk distributors to prevent artificial shortages,” he said, emphasizing that supply manipulation would only worsen price volatility.
The warning comes amid persistent public frustration over erratic fuel costs and their knock-on effects on transport fares and inflation. Analysts say Ghana’s reliance on fuel imports leaves it vulnerable to such shocks, renewing debates about energy security and domestic refining capacity.
