Fuel prices set to rise from May 16 despite possible extension of gov't intervention
Fuel prices are expected to rise from May 16, 2026. According to Dr. Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies, "extending the policy will only lower the expected margin of increase at the pumps."
If the government extends its current programme, petrol prices are expected to increase by about 2.5% to 3% per litre, potentially reaching around GH¢14.50. Diesel is projected to rise by about 1.8% per litre, potentially reaching about GH¢16.50. If the government fails to extend the intervention, petrol prices could climb to about GH¢15.80 per litre, while diesel could be sold at around GH¢18.05 per litre. Dr. Oppong said that liquefied petroleum gas (LPG) pricing will depend largely on market stock levels. He also cautioned against linking product imports directly to price reductions.
There are indications of further pressure on global fuel prices following reports that the United States could soon resume strikes on Iran. Crude oil prices have already risen, trading at about $107 per barrel. The World Bank, the International Monetary Fund (IMF), and Fitch Ratings have maintained that Ghana is still expected to end the year with inflation at single-digit levels.
Quick Summary
Ghana is bracing for potential fuel price hikes - a situation impacting consumers and the economy. Experts are weighing possible scenarios based on government policy decisions and global market factors.
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