Oil Marketing Companies (OMCs) are cautioning consumers to prepare for more increases in fuel prices at the pumps in the coming weeks.
Chief Executive of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, disclosed on PM Express Business Edition.
He attributed the possible adjustments to sustained increases in international crude oil prices as well as persistent exchange rate pressures.
“Brent crude is forecast to rebound to 70 dollars per barrel due to the winter setup 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 effect on the pumps in Ghana would be an impact from forex, and that has been the case. These two factors combined will certainly have implications for prices at the pumps,” Dr Oppong explained.
Projections
Petrol is expected to rise by up to 2.47% to about GH¢14.52 per litre, while diesel may increase between 1.36% and 3.41%, potentially hitting GH¢15.17. Liquefied Petroleum Gas (LPG) could also go up between 2.01% and 4.01%.
Reasons
The rise is driven by climbing international product prices and the continued seasonal depreciation of the cedi.
The local currency weakened from GH¢12.07 to GH¢12.40 per dollar within the review period, a 2.74% drop.
This brings total losses in the third quarter of 2025 to 15.09%, with no gains recorded.
The depreciation is attributed to limited forex supply, while rising year-end imports add further pressure on Ghana’s import-dependent economy.
The Chamber also noted crude oil prices increased by 1.57%, moving from $67.39 to $68.45 per barrel.
Brent crude is forecast to rebound close to $70 per barrel on the back of heightened geopolitical risks and renewed supply concerns.
Dr Oppong warned that the likely increases will have ripple effects across the economy, from transportation fares and logistics costs to general inflation, with businesses and households bearing the brunt.
Dr Oppong also underscored the need for deliberate policy interventions to cushion consumers from the frequent shocks associated with global oil price volatility.
He noted that while the industry remains committed to efficiency, external factors beyond the control of local players continue to dictate price trends.
Fuel prices increased
Meanwhile, some OMCs have begun increasing fuel prices at the pumps in line with projections for the first pricing window of October 2025.
On October 2, major player Shell adjusted its prices, selling a litre of diesel at GH¢14.18, up from GH¢13.89. Petrol, however, remained unchanged at GH¢13.44 per litre.
Another major OMC also raised prices by 2 per cent across all products.
Others told Joy Business they will adjust their prices from October 3, 2025.
