Prices of petroleum products in Ghana are expected to increase from May 16, 2026, even if the government decides to extend its current support programme designed to cushion consumers against rising global crude oil costs.
Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, disclosed this in an interview with JOYBUSINESS, explaining that the outlook depends on whether the intervention is renewed beyond its May 16 deadline.
He outlined two possible pricing paths based on government action.
In the first scenario, where the policy is extended, petrol prices are expected to rise by between 2.5 percent and 3 percent per litre, which could push the price of petrol to about GH¢14.50. Diesel prices are also projected to increase by about 1.8 percent per litre, potentially reaching around GH¢16.50.
He explained that extending the policy would not stop increases at the pump but would only reduce the magnitude of the price adjustment.
In the second scenario, if the government does not extend the intervention, petrol could rise to about GH¢15.80 per litre, while diesel may sell at approximately GH¢18.05 per litre.Dr. Oppong added that liquefied petroleum gas (LPG) pricing will largely depend on available market stocks at the time.
He also cautioned against directly linking product imports to lower pump prices, particularly in discussions around sourcing petroleum products from Nigeria for refining, stressing that availability does not automatically translate into cheaper prices.
He further noted that global oil markets are under renewed pressure, citing reports of possible renewed United States strikes on Iran, which have already pushed crude oil prices to about $107 per barrel.
According to him, such developments are likely to feed into domestic inflation trends in the coming months.
However, institutions including the World Bank, the International Monetary Fund (IMF), and Fitch Ratings maintain that Ghana is still projected to end the year with single digit inflation.