The Chief Executive Officer of the Chamber of Oil Marketing Companies, Riverson Oppong, says recent fuel price increases in Ghana are largely the result of global market pressures rather than domestic policy decisions.
Speaking on the Asaase Breakfast Show on Monday (16 March), Oppong said international crude oil benchmarks remain the dominant factor influencing fuel prices in Ghana.
According to him, the pump price of fuel in the country is determined by three main components: the ex-refinery price, taxes and levies, and the margins for oil marketing companies and dealers.
“The ex-refinery price depends solely on international benchmark prices,” he explained. “When those prices increase, it inevitably affects what consumers pay at the pump.”
Oppong attributed the latest price hikes to geopolitical tensions in the Middle East, which have disrupted refining operations and supply chains.
He cited refinery shutdowns and supply constraints in major global refining centres as contributing factors driving up prices.
“You cannot have a refinery with a capacity of over 500,000 barrels per day shutting down and expect the global market to remain stable,” he said.
Despite the price increases, Oppong assured consumers that Ghana is not currently facing a fuel supply shortage.
“We still have vessels lined up to supply the country, so there is no immediate threat to supply security,” he said.
However, he warned that price increases remain unavoidable when global oil prices rise sharply.
Oppong also defended Ghana’s fuel price floor policy, describing it as necessary to protect both consumers and industry players.
According to him, the policy prevents destructive price wars among oil marketing companies that could destabilise the sector.
“If we remove the price floor entirely, we risk collapsing the industry and creating a monopolistic market,” he cautioned.
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