More fuel price hikes coming – OMCs warn

Oil Marketing Companies (OMCs) have warned that consumers should brace for further increases in fuel prices at the pumps in the coming weeks.

Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, explained in an interview that the potential hikes are being driven by two main factors, sustained rises in international crude oil prices and persistent exchange rate pressures.

“Brent crude is projected to rebound to around $70 per barrel as winter demand sets in. From October through November, prices of crude oil products will no longer reflect the relatively lower summer rates. On top of that, Ghana continues to face foreign exchange challenges, which are already impacting pump prices,” Dr. Oppong said.

He cautioned that any upward adjustment in fuel prices will ripple through the economy, affecting transport fares, logistics costs, and ultimately contributing to higher inflation.

Both households and businesses, he noted, are likely to feel the squeeze.

Dr. Oppong stressed the need for deliberate government interventions to shield consumers from the frequent shocks caused by global oil market volatility.

While the industry is committed to operating efficiently, he said, external market forces remain beyond the control of local players.