Chief Executive Officer of Petrosol, Michael Bozumbil, has said fuel prices are unlikely to increase in the next pricing window, citing the relative stability of the Ghana cedi and lower international fuel prices.

Speaking on Joy News on Thursday, August 28, 2026, Bozumbil said while his team was still working on the final figures, current market trends suggested that consumers should expect stable prices at the pumps.

“From where we sit, as you said, my team are computing the numbers, but we study the trend, and what I can say with some amount of certainty is that from the standpoint of Petrosol, the consumer should rest assured that prices will not go up,” he said.

He, however, said it was too early to confirm whether fuel prices would fall, explaining that the extent of any reduction would depend on the outcome of the final calculations.

“As to whether it will come down and by what, I mean…” he said.

According to him, the current outlook is being driven by lower international fuel prices and the relative stability of the Ghana cedi, which has reduced pressure on local fuel prices.

“It’s a combination of both, you know. The key factors, international prices and then the cedi stability,” he said, adding, “The stability of the cedi has contributed, you know, to the price stability in recent times.”

Bozumbil explained that in the past, even when international fuel prices declined, consumers sometimes failed to benefit because a sharp depreciation of the cedi forced fuel companies to increase prices.

“But thankfully, with the stability of the cedi, at least consumers now can see the benefits, you know, usually being transferred to them,” he said.

He also noted that the development showed the benefits of Ghana’s deregulated fuel pricing system, adding, “And that is what the beauty of deregulation is all about, that these benefits can always get to the consumer, so that when the upside comes, the consumer is more willing to accommodate.”

He further stressed that the strength of the local currency had been particularly helpful in keeping fuel prices stable.

ANAS/MA