Fuel prices expected to increase from May 16 despite government intervention — COMAC CEO
Prices of petroleum products are expected to go up from May 16, 2026, even if government extends its current intervention programme aimed at cushioning consumers from rising global crude oil prices.
This was disclosed by the Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, in an interview with JOYBUSINESS.
According to Dr Oppong, two possible pricing scenarios could emerge depending on whether government extends the policy beyond its May 16 expiration date.
Under the first scenario, where the intervention policy is extended, petrol prices are expected to rise by between 2.5 and 3 per cent per litre, potentially pushing the price of petrol to about GH¢14.50 per litre.
Diesel prices are also projected to increase by approximately 1.8 per cent, which could result in diesel selling at around GH¢16.50 per litre.
“Extending the policy will only reduce the expected margin of increase at the pumps,” Dr Oppong explained.
However, under a second scenario where government fails to extend the intervention, petrol prices could rise further to about GH¢15.80 per litre, while diesel may sell at approximately GH¢18.05 per litre.
Touching on liquefied petroleum gas (LPG), Dr Oppong stated that pricing would largely depend on available market stock levels.
He also cautioned against assumptions that importing petroleum products would automatically lead to lower fuel prices, particularly amid discussions about importing products from Nigeria for local refining.
“There should be a clear distinction between product availability and low prices at the pumps,” he warned.
Meanwhile, concerns are growing over possible increases in global crude oil prices following reports that the United States could resume strikes on Iran. Crude oil prices have reportedly risen to about $107 per barrel.
The development is expected to place additional pressure on domestic inflation in the coming months.
Despite these concerns, institutions including the World Bank, International Monetary Fund and Fitch Ratings maintain that Ghana is still projected to end the year with inflation within single-digit levels.
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