Ghana could see another increase in fuel prices in the next pricing window if global tensions persist, energy analyst and Executive Director of the Institute for Energy Policies and Research, Kwadwo Poku, has warned.
Speaking on The AM Show, Mr Poku said the current relief at the pumps may only be temporary, cautioning that underlying global pressures remain unresolved.
“If the war continues, the next window, it might go higher,” he stated.
His comments come amid growing concern among consumers over fluctuating fuel prices, which are largely influenced by international crude oil markets and exchange rate movements.
Although some oil marketing companies recently announced price hikes before slightly reducing them, Mr Poku said the situation remains fragile.
He explained that Ghana currently lacks the policy tools needed to cushion consumers from rising fuel costs.
The Price Stabilisation and Recovery Levy, which is typically used to absorb price shocks, cannot be adjusted under the country’s ongoing IMF programme because it is classified as government revenue.
“The whole idea of the price stabilisation recovery levy was to basically zero out — to give some small relief to Ghanaians when prices are high,” he said, describing the current restriction as “very unfortunate.”
With the government also unable to reduce fuel taxes due to revenue constraints, Mr Poku noted that there is little immediate intervention available.
“Nothing is available to them. We just have to pray as a nation that the war doesn’t continue and we get relief,” he added.
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