Hot SourceFuel prices are set to go up from today, Tuesday, 2 September 2025, as Oil Marketing Companies (OMCs) adjust pump prices in response to foreign exchange losses, global benchmarks, and domestic taxes, Riverson Oppong, CEO of the OMCs, has confirmed.
Oppong said petrol prices are projected to increase by 3% to 5%, slightly below earlier forecasts, citing fluctuations in international market indicators such as the London and SREF prices.
“There were some pockets of skewness in the petrol market, which made the price very inorganic. At the barest minimum, we should be seeing the full price from today, if not tomorrow, because most of the OMCs are tuning their prices upwards,” he stated.
He stressed that fuel pricing in Ghana is shaped largely by external market conditions, exchange rate volatility, and local levies, factors over which OMCs have limited influence. In the last pricing window, petrol rose by GHC1.20 mainly due to forex-related pressures.
On profit margins, Oppong clarified that OMCs retain only a small share.
“Before the introduction of the new levies, OMCs and dealers had about 5%. Today, it has gone down to 4%,” he said.
He also highlighted the role of Bulk Distribution Companies (BDCs), saying those with hedging arrangements are able to secure more favourable rates for the market.
Looking ahead, he assured that consumers will benefit when global prices drop.
“Everybody will enjoy full price when it goes down, especially at the international level. But when prices fall globally and consumers here still pay more, it doesn’t make sense—and I agree with you,” he said.
Under National Petroleum Authority (NPA) regulations, OMCs are required to notify the regulator 24 hours before adjusting pump prices, making today’s hikes effective.
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