Costs of petroleum merchandise are anticipated to extend considerably from Could 16, 2026. That is based on the value outlook launched right this moment, Could 15, by the Chamber of Petroleum Advertising and marketing Corporations and confirmed by JOY BUSINESS.
Breakdown of value outlook
Primarily based on knowledge collected from the Chamber of Petroleum Advertising and marketing and Corporations, petrol is predicted to extend by 5.29% to 7.30%, which might end in it being bought at GHC 15.42 per liter.
Diesel, however, might enhance by as much as 7.30%, leading to a promoting value of $17.83 per liter.
LPG can also be anticipated to extend by 3%, leading to it being bought at GHC17.10 per kg.
These forecasts are based mostly on oil advertising firms that buy merchandise on credit score from numerous bulk oil distributors.
cause
In keeping with the Chamber of Petroleum Advertising and marketing Corporations, this enhance is influenced by the rise in worldwide market costs and up to date strain on the Ghanaian cedi.
For instance, the native foreign money depreciated barely towards main buying and selling currencies. On the Could 16, 2026 pricing window, the cedi fluctuated from GHS 11.2057 to GHS 11.3133 per US greenback, equivalent to a depreciation of 0.95%.
Yr-to-date decline averaged 7.8% for all main foreign currency as of Could 8, 2026, in contrast with a year-on-year decline of two.5%.
In the meantime, common crude oil costs fell barely from $113.80 to $112.07 per barrel in mid-Could, a decline of 1.52%.
However transport of crude oil, gasoline and gasoline to prospects world wide continues to be disrupted as visitors by way of Hormuz got here to a close to standstill in the course of the 10-week battle, sending power costs hovering and elevating inflation issues.
authorities intervention
The Authorities right this moment introduced the continuation of measures geared toward defending customers from the affect of rising oil costs on worldwide markets.
In an announcement signed by Richmond Lockson, Spokesperson and Director of Communications on the Ministry of Power and Inexperienced Transition, the federal government stated the choice was taken following a cupboard assembly chaired by President John Dramani Mahama, the place developments within the world oil market have been thought-about.
In keeping with the assertion, the federal government had launched interim measures to take impact from April 16, 2026, to soak up GHS2.00 per liter of diesel and GHS0.36 per liter of gasoline.
The intervention was initially anticipated to final for a month till Could 15, 2026, to guard customers from rising gasoline costs as a result of geopolitical tensions and world market volatility.
Following the most recent overview, the federal government has determined to proceed its intervention on diesel by absorbing GHS1.07 per liter from Could 16, 2026.
The assertion added that the most recent intervention is predicted to stay in impact with two pricing frameworks, however can be topic to additional overview relying on developments within the worldwide oil market.
Nonetheless, the transfer was not sufficient to forestall pump costs from rising from this weekend.
Dr. Riverson Oppong, chief govt of the Chamber of Petroleum Advertising and marketing Corporations, earlier informed JOY BUSINESS that pump costs would have been increased than present estimates if the federal government had not intervened to appease customers.
