The Chief Executive of the Chamber of Oil Marketing Companies (OMCs), Dr. Riverson Oppong, has issued a strong warning that fuel prices are expected to rise sharply in the next pricing window despite a slight drop at the pumps this week
Dr. Oppong explained that this week’s marginal relief is temporary and driven mainly by a short-term government suspension of the GH¢1 tax component.
Without that intervention, prices would have risen by nearly 10%.
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“You’re seeing a reduction this week, but I can’t guarantee the same for next week. Without the tax suspension, prices would have gone up by about 9.5%,” he cautioned.
He added that the modest 2% reduction consumers experienced at the pump was due to a balancing effect while the cedi appreciated slightly, global benchmark prices also increased, cancelling out most gains.
Looking ahead, Dr. Oppong warned of a significant hike in fuel prices, driven by ongoing international market pressures and currency instability.
He expressed concern that Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) may begin hoarding products in anticipation of higher margins.
“Next week, two things are likely fuel prices will go up, and some BDCs or OMCs may start holding back supply to benefit from the increase,” he said.
The Chamber, he noted, is currently engaging with the Chamber of Bulk Oil Distributors (CBOD) and other stakeholders to prevent hoarding and ensure supply stability.
“But for the next pricing window, no doubt, prices will rise,” Dr. Oppong affirmed.
