Next fuel price hike unlikely to exceed 10% — COMAC assures

The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has assured that the next fuel pricing window is unlikely to record increases beyond 10 percent.

Fuel prices in Ghana went up from March 16, with petrol, diesel, and LPG rising by as much as 17.21 percent, amid escalating tensions in the Middle East.

Major Oil Marketing Companies (OMCs) have since adjusted their pumps, with petrol selling at about GH¢12.30 per litre and diesel going beyond GH¢15.00 per litre.

Speaking on GHOne TV’s State of Affairs on Monday, March 16, Dr. Oppong explained that the recent hikes are largely driven by global oil market dynamics.

“We go with the international benchmark prices, and like I said, you and I have no control over the international benchmark prices, not even any African president,” he stated.

He emphasised that geopolitical developments continue to influence petroleum pricing, cautioning against politicising the issue.

According to him, Ghana’s relative currency stability could help limit further increases in the next pricing window.

Dr. Oppong stressed that unless the cedi significantly weakens against major trading currencies, the next round of adjustments will remain moderate.

“Unless the Cedi depreciates, any increase will not be more than 10% in the next window. That one, I can tell you for a fact, unless something happens to our Cedi, which I also don't see happening,” he stated.