Fuel Prices Likely to Rise from May 16, Even With Policy Extension – Chamber of Oil Marketing Companies

Accra, Ghana – By Seth Yeboah

Fuel prices in Ghana are expected to go up from May 16, with the Chamber of Oil Marketing Companies warning that even an extension of the government’s relief policy would only slow, not stop, the increase.

Speaking to JOYBUSINESS, Chamber CEO Dr. Riverson Oppong outlined two possible scenarios depending on whether the current policy is extended past its May 16 expiration.

If the government extends the intervention, petrol prices could still rise by about 2.5% to 3% per litre, pushing a litre to around GH¢14.50. Diesel is projected to go up by roughly 1.8% per litre, bringing the price to about GH¢16.50.“

Extending the policy will only lower the expected margin of increase at the pumps,” Oppong said.

The Chamber expects the actual increase to be higher if the policy is allowed to lapse.

The projected hikes are being driven by shifts in global oil prices and the cedi’s performance on the international market. The National Petroleum Authority is expected to announce the official pricing directive ahead of the new window on May 16.