Dr. Riverson Oppong
Oil Marketing Companies (OMCs) are cautioning consumers to prepare for further hikes in fuel prices at the pumps in the coming weeks.
Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, made the disclosure 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 set up 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 any effect on the pumps on Ghana will 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.
He 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 further emphasized 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.
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