Consumers could face an increase in fuel prices in the next pricing window, the Chamber of Oil Marketing Companies (OMCs) has warned, citing global oil price movements, a weakened cedi, and the potential for fuel hoarding by players in the distribution chain.
Dr. Riverson Oppong, CEO of the Chamber, revealed in an interview with Channel One TV on Tuesday, June 17, that this week’s marginal fuel price drop may be short-lived.
“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” Dr. Oppong cautioned, attributing the limited relief at the pumps to a temporary suspension of a GH¢1 tax by the government. Without that intervention, fuel prices would have surged by as much as 9.5%.
He explained that although the local currency showed slight appreciation, global benchmark oil prices have been rising simultaneously, neutralising the expected benefit.
“When we got the directive on Saturday that the GH¢1 had been suspended, it brought things to the same level,” Dr. Oppong said. “So they actually buffet at a point.”
As a result, consumers only saw a modest 2% price drop, far less than anticipated.
Looking ahead, Dr. Oppong predicted a definite uptick in prices in the coming week and warned of possible market disruptions due to hoarding.
“Next week, two things might happen… You might see BDCs hoarding product waiting for the next window, because for sure it will go up 100%. You’ll even see OMCs hoarding fuel because they want to wait for the next window,” he said.
To mitigate this, the Chamber is engaging stakeholders, including the Chamber of Bulk Oil Distributors (CBOD), to discourage such practices. “But for next window, for sure, things will go up,” Dr. Oppong affirmed.
The fuel price outlook adds to growing public anxiety over pump prices, which have become increasingly volatile due to a mix of international and local economic pressures.
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Meanwhile, the Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has urged the government to tread cautiously regarding any new taxes or levies on fuel. He warned that a rushed reintroduction of the GH¢1 fuel levy could damage public trust.
“It will be difficult. I am not sure Ghanaians will want to see a government that promised to ensure taxes, levies are reduced introduce one that will immediately increase prices of fuel for them and bring discomfort,” he said.
He advised that any such policy move should be carefully timed with favorable market conditions and a stronger cedi to soften the impact on consumers.
