By Prince Antwi
Copyright ghanaguardian
Consumers should brace for further increases in fuel prices at the pumps in the coming weeks, Oil Marketing Companies (OMCs) have cautioned.
Speaking on PM Express Business Edition, Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, attributed the looming adjustments to sustained rises in international crude oil prices coupled with persistent exchange rate challenges.
“Brent crude is forecast to rebound to around $70 per barrel as winter demand sets in, and we all know that from October through November, crude oil prices typically climb higher than summer levels,” Dr. Oppong explained.
He noted that foreign exchange pressures have already worsened the situation locally, saying:“These two factors combined will certainly have implications for prices at the pumps.”
The expected hikes, he warned, are likely to trigger ripple effects across the economy—from higher transportation fares and logistics costs to a further rise in inflation—placing additional burdens on households and businesses.
Dr. Oppong stressed the need for deliberate policy interventions to cushion consumers against recurring shocks from global oil market volatility. While OMCs remain committed to operational efficiency, he said external forces beyond the control of local industry players continue to dictate fuel price trends.
