The Institute for Energy Security (IES) is calling on the government to urgently introduce measures to cushion consumers against the recent increase in petroleum prices, warning that the hikes are placing significant financial strain on households, businesses and transport operators.
In a statement issued on August 3, 2026, the Institute said sustained increases in fuel prices are driving up transport fares, food prices, production costs and inflationary pressures, thereby reducing the purchasing power of consumers and increasing the burden on businesses, particularly small and medium-sized enterprises.
The IES acknowledged that domestic fuel prices are largely influenced by international crude oil prices, foreign exchange movements and the country’s petroleum pricing framework. However, it argued that government cannot remain passive when external market shocks threaten the welfare of citizens and the stability of the economy.
The Institute recalled that earlier this year, government absorbed about GH¢2.00 per litre through policy interventions to reduce the impact of rising fuel prices on consumers. It described the move as a demonstration of government’s commitment to protecting Ghanaians from petroleum price volatility and said similar measures are needed under the current market conditions.
According to the IES, government should immediately engage key stakeholders and implement relief measures to mitigate the effects of the latest fuel price increases on consumers and businesses.
The Institute also urged authorities to intensify efforts to stabilize the Ghana cedi, noting that exchange rate depreciation remains one of the key drivers of domestic fuel price increases. It maintained that a stable exchange rate would help moderate the impact of global crude oil price volatility on the local market.
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