Ghanaians may soon face another increase in fuel prices at the pumps from May 16, 2026, despite government efforts to cushion consumers from the impact of rising global crude oil prices.
The warning has been issued by the Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, who says fuel prices are expected to go up regardless of the outcome of the government’s fuel price stabilisation intervention.
Dr Oppong explained that motorists and businesses should prepare for upward adjustments under both scenarios being considered by government.
According to him, if government decides to extend the fuel price stabilisation programme beyond its scheduled expiration on May 16, consumers may still witness moderate increases at the pumps due to mounting international crude oil prices and foreign exchange pressures.
However, he warned that if the intervention programme is not extended, the country could experience a much sharper jump in fuel prices as oil marketing companies pass on the full impact of global market conditions directly to consumers.
“The reality is that prices are likely to go up in either situation,” Dr Oppong indicated, stressing that the difference would only be in the scale of the increase.
The anticipated hike is expected to put additional pressure on households, transport operators and businesses already grappling with high living costs, with concerns that transport fares and prices of goods and services could also rise in response.
The development comes at a time when many Ghanaians had hoped for some stability in petroleum prices following recent government interventions aimed at cushioning the economic impact of fluctuations in the international oil market.
Energy analysts say the coming days will be crucial as government weighs whether to continue the stabilisation measures or allow market forces to fully determine pump prices.
