Fuel prices in Ghana are expected to rise in the next pricing window, the Chamber of Oil Marketing Companies (OMCs) has warned, pointing to a combination of global oil price increases, a weakened cedi, and potential fuel hoarding across the distribution chain.

Dr Riverson Oppong, CEO of the Chamber, told Channel One TV on Tuesday that while consumers are currently enjoying a slight drop in prices, the relief may be short-lived.

“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” he said.

According to Dr Oppong, the recent price drop – around 2% – was largely due to a temporary suspension of a GH¢1 tax by the government. Without that intervention, prices at the pump could have increased by up to 9.5%, he added.

He explained that while the local currency had shown minor gains, these were offset by rising global benchmark oil prices.

“When we got the directive on Saturday that the GH¢1 had been suspended, it brought things to the same level. So they actually buffet at a point,” he said.

The Chamber now anticipates a price hike in the next pricing window and has expressed concerns about possible hoarding by Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) in anticipation of higher prices.

“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,” Dr Oppong said.

The Chamber says it is in talks with stakeholders, including the Chamber of Bulk Oil Distributors (CBOD), to discourage such practices.

The outlook adds to growing concerns among Ghanaians over fuel price volatility, driven by both international market trends and domestic economic pressures.

Source:TheDotNews