Fuel prices in Ghana could increase during the second pricing window of September as the sharp rise in global crude oil prices begins to affect the cost of imported petroleum products.
The Chamber of Petroleum Consumers expects the possible adjustment to take effect from September 16, although oil marketing companies have yet to announce their prices for the window.
COPEC Executive Secretary Duncan Amoah said Brent crude’s move above $100 per barrel had strengthened the likelihood of higher pump prices.
Brent settled at $101.21 on September 9 as renewed Middle East attacks heightened fears of further supply disruptions.
“It’s one of the indicators that likely prices for the next window will be a little up or higher for the Ghanaian market,” Mr Amoah said.
Price impact may take several days
The increase will not necessarily appear at filling stations immediately. Crude oil must pass through refining, trading and importation processes before changes in the international market feed into local prices.
“Most likely you could have some adjustment in prices by the 16th, which is the second window in September,” Mr Amoah explained.
He said consumers could face additional pressure because market and importation premiums paid by petroleum companies were already high.
“What this means is that you are probably most likely going to pay a little more for petrol in Ghana,” he said.
The eventual adjustment will also depend on movements in the cedi, international prices of finished petroleum products and the pricing decisions of individual oil marketing companies.
Transport fares remain unchanged
Mr Amoah welcomed the decision by transport operators to maintain existing fares while discussions with the government continue.
He questioned, however, how long commercial drivers could absorb higher operating costs if petroleum prices rise again.
“That is good news that they are deciding not to increase first. Except that the question will be how long can they sustain their operations,” he said.
For now, COPEC’s assessment remains a projection rather than an approved pump price. The clearer picture will emerge when petroleum marketers publish their prices for the September 16 window.
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