COMAC Urges Government to Stabilise Cedi to Prevent Fuel Price Increases in Ghana

The Chamber of Oil Marketing Companies (COMAC) has called on the government to intensify efforts to stabilise the cedi to help contain rising fuel prices at the pump. The industry group says the recent depreciation of the local currency threatens to undo earlier gains that had led to lower fuel costs for consumers.

Speaking at the annual petroleum industry fun games, PetFun 2025, COMAC Board Chairman Gabriel Kumi stressed that the government’s economic managers must act decisively to halt the cedi’s slide. He noted that although the currency has improved significantly from about GH¢17 to the dollar to around GH¢12, further weakening would make it difficult for oil marketers to keep prices down.

Kumi explained that fluctuations in the exchange rate have a direct impact on fuel prices, which the chamber has little control over. “Our goal is to ensure that the price of petroleum products remains affordable, but if the cedi depreciates further, pump prices will inevitably rise,” he told journalists on the sidelines of the event, which also brought together staff and executives from member oil marketing companies for a day of sports and team-building.

COMAC’s Chief Executive Officer, Dr. Riverson Oppong, also warned of possible fuel price hikes in the second pricing window of September due to the recent depreciation. “The pricing outlook shows some increases, and we’re waiting for the floor price to confirm the variables. But clearly, the cedi’s depreciation will affect pump prices from Monday,” he said.

Beyond currency stability, Dr. Oppong called for stronger and more comprehensive energy sector policies. He said Ghana’s energy sector must be made robust enough to pay for itself, meet its obligations, and contribute sustainably to the national economy, ensuring long-term stability for both businesses and consumers.

source: citi newsroom