Fuel prices are anticipated to rise starting May 16, 2026, even with the government’s ongoing program designed to mitigate the impact of climbing crude oil costs on consumers. This forecast comes from Dr. Riverson Oppong, the Chief Executive Officer of the Chamber of Oil Marketing Companies, who outlined potential price adjustments based on the continuation or expiration of current government policies.
Government Intervention Under Scrutiny
The current government intervention, set to expire on May 16, aims to shield consumers from the volatility of global crude oil markets. Dr. Oppong detailed two primary scenarios that will dictate the extent of the price hikes.
In the first scenario, should the government decide to extend its intervention policy, petrol prices are projected to see an increase of approximately 2.5% to 3% per litre. This could elevate the price of a litre of petrol to around GH¢14.50.
Diesel prices are also expected to climb under this extended policy, with an estimated rise of about 1.8% per litre, potentially pushing the cost to approximately GH¢16.50.
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