Fuel price hikes inevitable while Ghana depends on oil import - COMAC
Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), says periodic increases in fuel prices in Ghana are unavoidable as long as the country continues to rely heavily on imported petroleum products. His comments follow the recent adjustment of fuel prices at the pumps by some Oil Marketing Companies (OMCs).
Checks by Joy Business on March 16 showed that Star Oil has increased the prices of petroleum products, selling a litre of petrol at GH¢12.49. According to Mr. Oppong, Ghana's status as a net importer of fuel makes the local market highly vulnerable to fluctuations in global petroleum prices and exchange rate movements. Speaking on JoyNews, Mr. Oppong noted that the "rising prices seen at fuel pumps in Ghana are not unique to the country." He cited Nigeria as an example, explaining that despite the presence of the Dangote Refinery, fuel prices there also rose significantly.
Mr. Oppong stated, "You cannot expect to have cheaper fuel in a country where we are a net importer, and a huge net importer for that matter." He added that until Ghana significantly increases its refining capacity or reduces reliance on imports, fuel prices will continue to be influenced by global market dynamics.
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COMAC's CEO, Riverson Oppong, addresses the inevitable periodic fuel price increases in Ghana. He suggests Ghana's dependence on imported petroleum products plays a significant role - but what does this mean for the average Ghanaian?
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