The CEO of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, has cautioned that fuel prices are likely to surge in the upcoming pricing window, despite a marginal reduction this week.

In an interview on Channel One TV's Face to Face on June 17, 2025, he attributed the recent gains to a temporary government directive, warning that international market trends could quickly reverse these gains.

He noted that without the suspension of the GH¢1 tax component, fuel prices would have jumped by 9.5% this week, emphasising the uncertainty surrounding future prices.

He foresees a substantial surge in fuel prices next week, warning that some Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) may resort to accumulating products in anticipation of higher profit margins.

“Next week, two things might happen, and I’m engaging CBOD on that tomorrow to see how best we can avoid that. You might see BDCs hoarding product waiting for the next window, because for sure it will go up 100%. You’ll even see OMCs hoarding fuel because they want to wait for the next window," he said.

This potential hoarding could lead to product shortages and exacerbate the impending price hike.

To mitigate these risks, Dr Oppong plans to engage with the Chamber of Bulk Oil Distributors (CBOD) tomorrow to explore strategies that can help prevent such scenarios and ensure a smoother supply chain.

DR/MA

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