The Chief Executive Officer of the Chamber of Oil Marketing Companies (OMCs), Dr. Riverson Oppong, has issued a stark warning that fuel prices are expected to rise sharply in the next pricing window, despite a slight reduction at the pumps this week.

Speaking in an interview on Channel One TV on Tuesday, June 17, Dr. Oppong explained that while consumers are currently enjoying a marginal reprieve, global market trends and currency fluctuations point to a looming price surge.

“You’re currently benefitting from a reduction this week, but I can’t promise for next week,” he stated.

He attributed the current modest drop in prices to a temporary government directive suspending the GH¢1 tax component on fuel.

Without the suspension, he said prices would have risen by nearly 9.5 percent.

“When we got the directive on Saturday that the GH¢1 had been suspended, it helped stabilise prices slightly.

The small appreciation of the cedi was offset by a marginal rise in international benchmark prices, creating a momentary balance,” Dr. Oppong explained.

Despite this intervention, pump prices only dropped by about 2 percent—far below consumer expectations.

Dr. Oppong cautioned that the upcoming pricing window could see a substantial hike, raising concerns about potential hoarding by Bulk Distribution Companies (BDCs) and Oil Marketing Companies aiming to benefit from higher margins.

“Next week, two things might happen—you may see BDCs holding back supply, anticipating a price increase, and OMCs could also begin hoarding fuel,” he warned.

To address the potential disruption, Dr. Oppong said the Chamber is engaging with the Chamber of Bulk Oil Distributors (CBOD) and other stakeholders to prevent market manipulation that could worsen supply constraints and burden consumers.

“But for the next window, for sure, things will go up,” he concluded.