Petroleum product prices are anticipated to increase starting on May 16, 2026, even if the government continues its current initiative to protect consumers from rising crude oil costs.
Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies, says as much.
He described two possible outcomes in an interview with JOYBUSINESS, depending on whether the policy is extended past its May 16 expiration date.
Petrol prices are predicted to rise by roughly 2.5% to 3% per litre in the first scenario, in which the government extends the policy. This might result in a litre of petrol costing approximately GH¢14.50.
Additionally, a 1.8% increase per litre is anticipated for diesel, bringing the price up to roughly GH¢16.50.
“Extending the policy will only lower the expected margin of increase at the pumps.” he said.
In the second scenario, gasoline prices might rise to roughly GH¢15.80 per litre and diesel prices could reach about GH¢18.05 per litre if the government does not continue to intervene.
Dr. Oppong stated that market stock levels will have a significant impact on price for liquefied petroleum gas (LPG).
In reference to talks about importing petroleum products from Nigeria for domestic refining, he also issued a warning against directly associating product imports with price reductions.
“There should be a clear distinction between product availability and low prices at the pumps,” he warned.
In the meantime, there are signs that the United States may soon resume its attacks on Iran, which might put additional pressure on fuel prices worldwide.
The price of crude oil has already increased and is currently trading at roughly $107 per barrel.
In the upcoming months, the development is probably going to exacerbate domestic inflation pressures.
Nonetheless, organizations like the World Bank, the International Monetary Fund (IMF), and Fitch Ratings have insisted that Ghana’s inflation is still predicted to be in the single digits at year’s end.
Source: newsthemegh.com