Petroleum prices are expected to go up from May 16, 2026, even if the government decides to continue its current policy aimed at easing the impact of rising crude oil prices on consumers.
This was disclosed by the Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, during an interview where he explained two possible outcomes depending on whether the policy is extended beyond its expiration date.
If the government extends the policy, petrol prices could still increase by about 2.5% to 3% per litre, bringing the price to roughly GH¢14.50 per litre.
Diesel prices are also expected to rise by around 1.8%, pushing prices closer to GH¢16.50 per litre.
According to him, “extending the policy will only lower the expected margin of increase at the pumps.”
However, if the government does not continue the intervention programme, petrol prices could jump to about GH¢15.80 per litre, while diesel may sell for nearly GH¢18.05 per litre.
On liquefied petroleum gas (LPG), Dr. Oppong explained that prices will mainly depend on available market stock.
He also advised against assuming that importing petroleum products automatically leads to lower fuel prices, especially amid conversations about sourcing products from Nigeria for local refining.
“There should be a clear distinction between product availability and low prices at the pumps,” he warned.
At the same time, global fuel prices may face additional pressure following reports that the United States could resume strikes on Iran. Crude oil prices have already climbed to around $107 per barrel.
This situation could further increase inflationary pressures locally in the months ahead.
Despite these concerns, institutions including the World Bank, the International Monetary Fund (IMF), and Fitch Ratings still expect Ghana to end the year with single-digit inflation.
