Fuel prices set to rise again – OMCs warn
Oil Marketing Companies (OMCs) are warning consumers to brace for further increases in fuel prices at the pumps in the coming weeks, as global and domestic market pressures intensify.
Chief Executive of the Chamber of Oil Marketing Companies (COCM), Dr Riverson Oppong, made the disclosure during a media engagement, attributing the expected hikes to sustained rises in international crude oil prices and persistent exchange rate depreciation.
“Brent crude is forecast to rebound to about 70 dollars per barrel due to the onset of the winter season, and we all know that from October to November we do not enjoy the same prices of crude oil products as during the summer period,” Dr Oppong explained.
He said the Ghanaian market continues to face dual challenges: volatile forex rates and global price shifts that directly influence pump prices.
“We foresaw the effect on prices at the pumps coming mainly from forex movements, and that has been the case. These two factors combined will certainly have implications for prices at the pumps,” Dr Oppong emphasised.
According to Dr Oppong, the expected hikes could ripple through the broader economy, impacting transport fares, logistics costs, and inflationary pressures. “The impact is not limited to motorists. Higher fuel prices mean higher costs for businesses, and eventually, consumers pay more for goods and services,” he noted.
Dr Oppong also highlighted the cyclical nature of global oil price dynamics, noting that demand typically increases during winter months as heating needs rise in major consuming countries, thereby putting upward pressure on crude prices.
Dr Oppong further called for deliberate and forward-looking policy interventions to cushion consumers and businesses against frequent shocks triggered by global oil market volatility.
“While the industry continues to improve operational efficiency and transparency, external factors remain beyond our control. There must be mechanisms to protect consumers from these unpredictable global price movements,” he urged.
