The Institute for Energy Security (IES) has called on the government to urgently introduce measures to cushion consumers following the latest increase in petroleum product prices, warning that the continued rise in fuel costs could trigger fresh inflationary pressures across the economy.
In a statement issued on August 3, 2026, the energy policy think tank said the recent upward adjustment in pump prices is placing growing financial strain on households, businesses and transport operators, with the effects expected to spread beyond the fuel sector.
IES noted that fuel remains a critical input for transportation, agriculture, manufacturing and commerce, making higher pump prices a direct threat to the cost of living.
"Sustained increases in pump prices inevitably translate into higher transport fares, rising food prices, increased production costs and renewed inflationary pressures," the institute said, adding that the situation is steadily eroding household purchasing power while placing additional pressure on small and medium-sized enterprises.
Government urged to repeat earlier intervention
Although acknowledging that domestic fuel prices are largely influenced by international crude oil prices, exchange rate movements and Ghana's petroleum pricing framework, IES argued that government should not remain on the sidelines when external developments begin to weigh heavily on citizens.
The institute recalled that earlier this year government introduced policy measures that effectively absorbed about GH¢2.00 per litre of fuel costs, providing temporary relief to consumers.
"That intervention demonstrated Government's commitment to protecting Ghanaians from the full impact of petroleum price volatility," IES said.
It believes current market conditions justify a similar response and urged authorities to engage industry stakeholders immediately to implement measures that would ease the burden on consumers.
Focus on cedi stability
Beyond short-term relief, IES stressed the need for sustained efforts to stabilise the Ghana cedi, describing exchange rate depreciation as one of the biggest drivers of rising domestic fuel prices.
According to the institute, a stronger and more stable local currency would help reduce the impact of fluctuations in international crude oil prices and moderate future increases at the pump.
IES maintained that prompt intervention would not only protect consumers but also help contain inflationary pressures that could affect businesses and the wider economy in the months ahead.
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