Fuel Prices Set to Increase by Up to 4% Today; Ghanaians Brace for Possible Hike in Prices

Motorists and households across Ghana should expect fuel prices to go up by as much as 4% starting today at the various pumps.

This has been confirmed by the Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong.

The CEO explains that the upward price adjustment has become necessary as a result of foreign exchange pressures, particularly affecting diesel and LPG imports. Dr. Oppong further stressed that operational challenges within the system also caused petrol prices to rise higher than diesel during the last pricing window.

While some oil marketing companies had held back on the changes which were expected yesterday, Dr. Oppong confirmed that most would update their pump prices from today after notifying the National Petroleum Authority (NPA), as required by law.

The increase, he confirmed, ranges between 1% and 4% depending on the supplier.

“But from tomorrow (today), you should see most of the oil marketing companies updating their prices because emails have been sent to the regulator about the decision to increase prices by a few percentages, 1, 2, 3, to 4 percent based on where you get your product from,” he announced in an interview monitored by The High Street Journal.

This increase comes at a time when many Ghanaians are already adjusting to cooling inflation, which is leading slowdown in prices of goods and services.

Experts warn that the hike will likely push up transport fares, increase the cost of food distribution, and exert additional pressure on businesses that rely heavily on fuel, and hence disrupt the disinflation process.

For households, the adjustment could translate into higher daily commuting costs and increased utility expenses, especially for those dependent on LPG. For industries, higher operational costs could feed into broader inflation, affecting the prices of goods and services nationwide.

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