OMCs Urge Government to Stabilise Cedi to Curb Rising Fuel Prices
The Chamber of Oil Marketing Companies (COMAC) has called on government to take urgent steps to stem the depreciation of the cedi in order to stabilise fuel prices at the pumps.
According to the Chamber, the local currency’s volatility continues to be the single most significant factor influencing petroleum prices, with recent depreciation threatening to reverse earlier gains that had brought some relief to consumers.
Speaking at the 2025 edition of the annual petroleum industry fun games, PetFun, Board Chairman of COMAC, Gabriel Kumi, underscored the need for stronger currency management to prevent further hikes.
“The depreciation of the cedi contributes to a very large extent towards the increment we have seen in recent years on the price of the product but comparatively it is still good,” Mr Kumi told journalists on the sidelines of the event.
He noted that while the government had managed to bring the exchange rate from about GHS17 to GHS12 to the dollar, more effort was required to sustain the currency’s stability.
“What this current government needs to do is to make sure that they put a tap on the cedi so that it doesn’t go up any further. If the cedi goes up, we at COMAC have very little control over the pump price. Our goal is to ensure that the price of the product continues to remain low,” he stressed.
Chief Executive Officer of the Chamber, Dr Riverson Oppong, also projected fuel price increases in the second pricing window of September, citing the cedi’s recent weakness as a major driver.
“The pricing outlook is out, and we have seen some increase. We are still waiting for the floor price to determine what variables are changing. But from the outlook, you can see the cedi has depreciated a bit, which will obviously affect the pricing from Monday,” Dr Oppong remarked.
He further urged government to adopt comprehensive policies to strengthen the energy sector’s resilience and contribution to economic growth.
“It is a bit dicey, and we are looking forward to having very solid and comprehensive policies that will ensure the energy sector is paying for itself, paying its dues, and even contributing to the economy of this country,” he added.
