Consumers should brace for further hikes in fuel prices at the pumps in the coming weeks, the Chamber of Oil Marketing Companies (OMCs) has cautioned.
Speaking on PM Express Business Edition, on Joy News the Chief Executive of the Chamber, Dr. Riverson Oppong, said the looming adjustments are being driven by sustained increases in international crude oil prices and persistent exchange rate pressures.
“Brent crude is forecast to rebound to about 70 dollars per barrel due to the winter demand, and from October to November, we won’t be enjoying the same prices we get during summer,” he explained.
According to him, the dual impact of rising global crude prices and forex challenges is expected to push pump prices higher, with ripple effects across the economy. Transportation fares, logistics costs, and inflation, he warned, are likely to rise, further straining households and businesses.
Dr. Oppong stressed the urgency of policy interventions to shield consumers from the frequent shocks of global oil price volatility, noting that while local OMCs are committed to efficiency, external forces remain the key drivers of price shifts.