Transport fares in Ghana have held steady despite rising global oil prices in May 2026. Government Statistician Dr. Alhassan Iddrisu stated this trend. Fuel prices in Ghana showed mixed movements last month. Global oil market shocks influenced domestic pricing.
Dr. Iddrisu explained that past global events caused fuel price changes. Geopolitical tensions and higher crude oil prices were key factors. These issues transmitted into local fuel costs. Petrol prices showed less year-on-year discount. In May 2025, petrol was 2.5% cheaper. This discount narrowed significantly by May 2026. The year-on-year petrol discount shrank from -9.3% in April to -2.5% in May. Diesel prices also shifted. They moved from a 1.3% year-on-year increase to 6.2%.
Monthly fuel price increases eased greatly in May. Petrol prices only rose by 0.4%. Diesel prices increased by just 0.3%. These were much smaller changes than in April. Transport fares, however, stayed low. Taxi fares saw a 4.9% year-on-year drop. Bus and truck fares fell by 6.6%. Dr. Iddrisu noted fare adjustments happen later. They do not move day by day. Policy actions also helped stabilise prices. These included suspending some fuel levies. Some levies were also partly withdrawn.
Dr. Alhassan Iddrisu leads the Ghana Statistical Service. He confirmed these findings based on their data. "Transport fares adjust with a delay rather than moving day to day," he said. He also highlighted government actions. Policy measures, including levy changes, influenced price stability. Analysts are watching inflation. They warn delayed transport fare changes could impact it. This is a key area to monitor in coming months.
The stability in transport fares is notable for consumers. It helps manage household budgets. However, the lag in adjustment means potential future impacts. These could affect the broader inflation picture. Government and transport operators will be watching closely. Analysts suggest that while fuel costs are stabilising, the ripple effects on fares and inflation are yet to be fully seen. This situation is important for economic planning.