Mr. Sampson Addae, an energy expert, has explained why fuel prices in Ghana are expected to increase from 16 May 2026, even if the government extends its current policy aimed at cushioning consumers from rising global crude oil costs.
According to him, the price per barrel in the world market has been unstable over the past two weeks and continues to rise, currently standing at $120 per barrel.
Speaking on Nyankonton Mu Nsem, he attributed this surge to the ongoing conflict involving Iran, Israel, and the USA, which has forced the Strait of Hormuz to remain closed for now.
He indicated that the increase in the global market will force oil marketing companies (OMCs) to buy fuel at higher prices, a cost they will have to partly pass on to customers.
According to him, the Government of Ghana granted OMCs some tax relief for about a month, and this policy now needs to be reviewed; hence, they are hoping the government will intervene and do the needful to stabilise the situation.
He added that the increment in fuel prices is not expected to be very large, so most operators may not raise their prices significantly.
He therefore urged drivers to compare prices and check stations offering better deals, then buy from them when the price adjustment takes effect.
He stressed that “the increase was inevitable and, even with the cushioning measures in place, prices may rise. I am not sure all market players will increase their prices, as the increment on the global stage is not particularly substantial. The ongoing crisis is the cause; Iran has blocked the Strait of Hormuz, which has led to a supply deficit. This has caused price hikes due to the limited supplies available. We are hopeful that the ceasefire will hold so that the ongoing crisis will end.”
By: Rainbowradioonline.com/Ghana
