The Chief Executive Officer of the Chamber of Oil Marketing Companies (OMCs), Dr. Riverson Oppong, has warned that fuel prices are set to rise significantly in the coming pricing window despite this week’s marginal reduction.
Speaking on Channel One TV’s Face to Face on Tuesday, June 17, Dr. Oppong explained that recent gains in fuel prices were dampened by international market trends and only partially cushioned by a temporary government directive.
“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” he cautioned.
He revealed that had the GH¢1 tax component not been suspended by the government, fuel prices would have seen a 9.5% increase this week.
“When we got the directive on Saturday that the GH¢1 had been suspended, it brought things to the same level because as the cedi was appreciating just a little bit, the international benchmark prices were also going up just a little bit. So they actually buffet at a point,” Dr. Oppong said.
According to him, this price standoff means consumers only saw about a 2% reduction at the pump—far less than what many had anticipated.
Looking ahead, Dr. Oppong forecasted a sharp increase in prices next week, warning that some Bulk Distribution Companies (BDCs) and OMCs may begin hoarding products in anticipation of higher margins.
“Next week, two things might happen, and I’m engaging CBOD on that tomorrow to see how best we can avoid that. 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,” he disclosed.
He added that the Chamber was actively engaging stakeholders to discourage hoarding practices, which could worsen the situation.
“But for next window, for sure, things will go up,” Dr. Oppong warned.
His comments come as consumers grapple with volatile pump prices and growing concern over the impact of global oil trends on the local market.