Oil Marketing Companies (OMCs) in Ghana are warning consumers to brace themselves for further fuel price hikes in the coming weeks, citing rising crude oil costs and exchange rate pressures.
The Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, speaking on Joy News, said Brent crude is projected to climb back to US$70 per barrel as seasonal demand increases and winter sets in.
“Brent crude is forecast to rebound to 70 dollars per barrel due to the winter set up coming on board, and we all know that from October to November, we are not going to enjoy the same prices of crude oil products we do for summer days.
“We foresaw that any impact on the pumps in Ghana would be due to forex, and that has been the case. These two factors combined will certainly have implications for prices at the pumps,” Dr. Oppong explained.
Dr. Oppong warned that the impact of rising pump prices would ripple across the economy, inflating transportation fares, logistics costs, and general inflation, posing a burden on both households and businesses.
To soften the blow, he urged policymakers to institute deliberate interventions to shield consumers from these external shocks.
ID/EB
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