Fuel prices to jump next week, OMCs warn
By Praisebell Rosemond Larbi
Ghanaians should brace for higher fuel prices in the coming pricing window, the Chamber of Oil Marketing Companies (OMCs) has warned.
The warning comes despite a marginal decline in pump prices recorded this week, providing only temporary relief to consumers.
Chief Executive Officer of the Chamber, Dr. Riverson Oppong, disclosed in a media interview that global oil market pressures, coupled with local dynamics, will likely push prices upwards in the next review period.
“You’re currently benefiting from a reduction this week, but I can’t promise for next week,” cautioned Dr. Oppong, warning consumers about the impending adjustment.
According to him, this week’s modest reduction, around 2 percent at the pumps, was largely the result of the government’s temporary suspension of the GHS1 petroleum levy, which offset slight increases in international benchmark prices.
“When we got the directive on Saturday that the GHS1 had been suspended, it brought things to the same level. Because as the cedi was appreciating just a little bit, the international benchmark prices were also going up just a little bit. So they actually buffered at a point,” he explained.
Dr. Oppong revealed that without the tax suspension, fuel prices would have spiked by 9.5percent during the current pricing window, highlighting the fragility of the price moderation.
Looking ahead, Dr. Oppong expressed concern that the expected hike could trigger speculative behavior among Bulk Distribution Companies (BDCs) and some OMCs, potentially resulting in artificial shortages.
“Next week, two things might happen, and I’m engaging CBOD [Chamber of Bulk Oil Distributors] on that tomorrow to see how best we can avoid that. You might see BDCs hoarding product waiting for the next window, because for sure it will go up 100 percent. You’ll even see OMCs hoarding fuel because they want to wait for the next window,” he warned.
He said the Chamber is engaging stakeholders in the downstream petroleum sector to discourage hoarding, which could amplify price instability and harm consumers.
“But for next window, for sure, things will go up,” Dr. Oppong emphasized, describing the situation as “almost inevitable.”
