Accra: 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 Ghana Web, international fuel benchmarks remain elevated, and local pump prices are still high, with no change in the factors that necessitated the intervention. Amoah argued that extending the relief would cushion consumers and provide some respite amid growing concerns over rising living costs. He warned that failure to maintain the intervention could trigger increases in transport fares, food prices, and overall inflation.
In an interview with Citi News, Amoah emphasized, "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 further 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 GHS2 per litre on diesel and the 36 pesewas on petrol."
In April 2026, the government announced a temporary measure to absorb GHS2.00 per litre on diesel and GHS0.36 per litre on petrol. 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 the 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 GHS422 million. The projected loss includes GHS142 million from petrol, GHS253 million from diesel, and additional revenue reductions linked to adjustments in LPG-related margins.