Fuel Prices to Rise Significantly in Next Window - OMCs
Accrra, Ghana - 18 June, 2025 -
The Chamber of Oil Marketing Companies (OMCs) has cautioned that fuel prices are likely to surge significantly in the coming weeks, despite a marginal reduction this week.
Dr. Riverson Oppong, CEO of the Chamber, warned that international market trends and the temporary suspension of the GH¢1 tax component have only temporarily stabilized prices.
According to Dr. Oppong, the recent price reduction was minimal, with consumers only experiencing a 2% decrease at the pump, far less than expected.
He attributed this to the offsetting effects of cedi appreciation and rising international benchmark prices while speaking on Channel One TV’s Face to Face on Tuesday, June 17.
“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” he cautioned.
“When we got the directive on Saturday that the GH¢1 had been suspended, it brought things to the same level because as the cedi was appreciating just a little bit, the international benchmark prices were also going up just a little bit. So they actually buffet at a point,” Dr. Oppong said.
Dr. Oppong predicted a significant price hike ahead, cautioning that some Bulk Distribution Companies and Oil Marketing Companies might begin stockpiling products to capitalize on the expected higher profits.
He disclosed plans to engage stakeholders to discourage hoarding practices, which could exacerbate the situation.
“Next week, two things might happen, and I’m engaging CBOD on that tomorrow to see how best we can avoid that. 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.''
“But for next window, for sure, things will go up.''
Source: Lead News Online
