Ghanaian motorists could face further fuel price increases from August if the recent surge in global petroleum prices and exchange rate pressures continue, the Chief Executive Officer of Star Oil Limited, Kwame Tieku, has warned.
In a Facebook post, Mr. Tieku warned that the recent surge in global petroleum prices and exchange rate pressures could push fuel prices higher from August if current market conditions persist. The warning comes after some Oil Marketing Companies (OMCs) adjusted pump prices midway through July’s second pricing window, breaking from the usual pattern where fuel prices remain largely unchanged until the next review period.
Mr. Tieku said the recent price movements are being driven by sharp increases in international petroleum prices and the depreciation of the Ghana cedi against the US dollar.
Since the beginning of the current pricing window, global gasoline prices have risen by nearly 20%, while diesel prices have increased by about 25%, according to the Star Oil CEO.
He warned that if these market conditions persist, fuel prices could rise further from August 1, 2026, unless there is some form of government intervention to cushion the impact.
“If these conditions persist, they point to higher fuel prices from 1 August 2026, unless there is some form of government intervention similar to the measures introduced by the Government during the first phase of the US–Israel–Iran conflict,” Mr. Tieku said.
His comments highlight government intervention as one of the factors that could influence the direction of fuel prices if global oil market pressures persist.
Mr. Tieku explained that the current pressure on fuel prices is coming at a time when global energy markets remain highly volatile, with renewed tensions in the Middle East pushing crude oil prices higher.
The development has also raised concerns about the broader impact of rising fuel costs on inflation and household budgets.
The Bank of Ghana, in its latest Monetary Policy Committee statement, warned that crude oil prices had risen above US$85 per barrel following the renewed conflict, creating fresh inflation risks for economies around the world, including Ghana.
The central bank said higher energy prices and supply chain disruptions could slow the pace of disinflation and make it more difficult for countries to sustain progress in bringing inflation down.
For Ghanaian motorists, the immediate concern is whether global oil prices and the exchange rate will stabilise before the next pricing window begins or if the government would move to intervene.
Fuel prices have a wider impact beyond the pump, influencing transportation fares, food distribution costs, production expenses and the prices of everyday goods and services.
