Ghanaians may have to brace themselves for more increases in fuel prices as Oil Marketing Companies (OMCs) caution that recent hikes could just be the beginning of a sustained upward trend.
The warning comes as global oil prices continue to fluctuate while local market conditions—such as exchange rate depreciation, rising distribution costs, and increased levies—put additional pressure on fuel pricing. OMCs argue that these factors make it almost inevitable for prices at the pumps to keep going up in the short term.
Industry experts note that the cedi’s instability against major trading currencies is one of the most significant drivers of price hikes. Since petroleum imports are dollar-dependent, even slight depreciation of the cedi directly translates into higher costs for OMCs, which are eventually passed on to consumers.
For many Ghanaians, the news is troubling as fuel prices have a cascading effect on the cost of living. Transportation fares, food items, and essential services often rise in tandem with pump prices, intensifying the burden on households already struggling with inflation.
Stakeholders within the industry are appealing to the government to consider measures to cushion consumers, including suspending or reducing certain taxes and levies on petroleum products. They also emphasize the need for macroeconomic stability to ensure some predictability in pricing.
Meanwhile, transport operators and consumer advocacy groups have warned that further increases could spark public discontent and force upward adjustments in fares. Analysts suggest that if global oil prices remain unstable and the local currency continues to weaken, consumers should prepare for additional hikes in the coming weeks.
Source: Thepressradio.com
