Following projections that petroleum product prices are likely to increase from Saturday, May 16, 2026, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called on the government to extend its fuel relief measures for another month.

According to him, international fuel benchmarks remain elevated, local pump prices are still high, and the factors that necessitated the intervention have not changed.

He argued that extending the relief would cushion consumers and provide some respite amid growing concerns over rising living costs.

Failure to maintain the intervention, he warned, could trigger increases in transport fares, food prices, and overall inflation.

In an interview with Citi News, Amoah said, “The underlying factors for which the intervention became necessary are still rife. International benchmarks are high, premiums are still high, and local pump prices are high. Given the circumstances, it would only be reasonable for us to ask the government to extend the intervention by another month.”

He added, “The fear of fuel prices going up is that when it does, it drags a lot of things with it. Transportation, food costs, and non-food inflationary pressures would also go up. For us, it might cost the government something, but I think the government will still be better off extending the intervention than at this point saying we are removing the GH¢2 per litre on diesel and the 36 pesewas on petrol.”

In April 2026, the government announced a temporary measure to absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.

Petroleum prices set to rise despite government interventions

The intervention was introduced to shield consumers from the impact of rising global crude oil prices, driven in part by escalating tensions involving Israel, the United States, and Iran.

The one-month measure was approved by Cabinet and announced by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, while government monitored developments in the international oil market.

The decision followed a sharp rise in crude oil prices from US$63 per barrel on February 26, 2026, to a peak of US$102 per barrel on West Texas Intermediate (WTI) futures after disruptions in the Strait of Hormuz, a critical global oil shipping route.

Although the relief has provided temporary respite, the Center for Environmental Management and Sustainable Energy has warned that the tax cuts could result in an estimated monthly revenue loss of about GH¢422 million.

The projected loss includes GH¢142 million from petrol, GH¢253 million from diesel, and additional revenue reductions linked to adjustments in LPG-related margins.

SA/MA