According to Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies, the recent marginal increase in fuel prices at the pumps is due to the result of a 4% depreciation of the Ghanaian cedi.
He made the remark during TV3`s business focus show on Monday, 1 September 2025.
Dr. Oppong explained that the local currency’s weakening against major trading currencies has directly impacted the pricing of Liquefied Petroleum Gas (LPG), diesel, and petrol.
“Yes, the marginal increase we see today for LPG, diesel and petrol are purely due to the 4% depreciation rate at the forex level,” he said.
Providing further clarity, Dr. Oppong noted that the rise in diesel prices has been somehow muted, increasing by only 1.2% to 3%, due to a balancing effect in global market movements that have cushioned the impact of the cedi’s decline.
“There is a balance there, so you won’t see the entire 4% reflected in diesel prices,” he explained. However, he added that petrol prices are responding differently, likely due to separate market dynamics.
The CEO also stressed the rigour behind the Chamber’s market projection, stating that, “The forecast we do at the Chamber is not a table-top or desktop forecast, we have the data,” he emphasised, pointing to the Chamber’s reliance on empirical data for price predictions.
Ghana’s petroleum pricing structure is heavily influenced by movements on the international market and foreign exchange volatility. The Chamber of Oil Marketing Companies which represents the interests of bulk importers, distributors, and oil marketing companies, plays a key role in analysing pricing trends and offering policy recommendations.
Fuel prices in Ghana are reviewed under a deregulated pricing regime. The recent weakening of the cedi has sparked concerns among consumers and industry watchers, especially as global oil prices remain relatively volatile.
