Oil marketing companies (OMCs) have accused bulk fuel distributors of raising fuel prices prematurely, warning that the ongoing conflict in the Middle East should not yet be affecting the cost of petroleum products sold in Ghana.
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, said the products currently available on the Ghanaian market were imported before the conflict began and should therefore not reflect any war-related price increases.
Speaking in a radio interview on Citi FM on Monday, March 9, 2026, Dr Oppong explained that the industry’s pricing structure meant any impact from the conflict should only become evident in the next pricing window.
“In all this, we do have a pass-through cost, no doubt,” he said. “Whatever price we buy from the BDCs, we will surely sell it at the pumps.”
Concerns over price increases
Dr Oppong said the chamber was worried about recent increases in prices quoted by Bulk Distribution Companies (BDCs) to oil marketing firms.
“What is worrying, and I will say it authentically, is when you have huge price thresholds at the trading level,” he said.
He explained that Ghana’s petroleum pricing system operates on a bi-weekly cycle, with the current selling window running until March 15.
According to him, the petroleum products currently being sold were imported before the Middle East conflict began, meaning the war should not yet influence their cost.
“For this window from March 1 to the 15th, the products had been priced prior to entering this particular bi-weekly window,” he said. “Even if there should be any effect of pricing, it should take effect from the 15th of March.”
Dr Oppong said some members of the chamber had reported sharp increases in the prices being charged by suppliers.
“This morning I have some of my members complaining that seven is selling at ten,” he said, referring to price changes being quoted during the current selling window.
“We are in a selling window. That is not acceptable. Nobody imported crude oil products at the time when this war started.”
He described the development as inconsistent with the country’s petroleum pricing policy and warned that taking advantage of global tensions to increase prices could undermine government efforts to cushion consumers.
“That artificial increase or professional selling by the BDCs is what we are discussing now because it is not organic,” he said. “It is against the pricing policy we have in this country.”
Dr Oppong said the National Petroleum Authority (NPA) had already begun engaging industry players on the issue.
“I’m very happy with the way NPA has been very proactive,” he said, adding that the regulator needed to ensure that attempts to “cash in on the war” were stopped.
“Otherwise, we at the OMC level would be forced to increase our prices this week, which is not the right thing to do,” he warned.
Supply not immediately threatened
Meanwhile, an energy analyst at the Ministry of Energy, Dr Yussif Sulemana, said Ghana was not facing an immediate threat to fuel availability despite tensions in the global oil market.
Speaking in the same interview on March 9, Dr Sulemana said the country currently had about five to six weeks of petroleum product stocks, with additional shipments expected to extend supply levels.
“We are already aware that we have between five to six weeks of stock available nationwide,” he said.
Dr Sulemana added that incoming shipments could significantly increase available supplies.
“If these ships are discharged, we can have maybe like 10 weeks,” he said.
He explained that the main concern for policymakers was the potential impact of rising global crude oil prices on the cost of fuel at the pump.
“We are not immediately threatened by supply availability,” he said. “What we are immediately threatened with will be the price.”
Government monitoring global developments
Global oil prices have recently crossed the $100 mark, a development analysts say could place upward pressure on domestic fuel prices if the trend continues.
Dr Sulemana said the government was closely monitoring developments and could consider several policy options, including allowing market forces to determine prices, providing subsidies to cushion consumers or strengthening local refining capacity.
“All the three options are available and the government is ready to reactivate all the options,” he said.
He added that, in the longer term, the government was working to strengthen the country’s refining and storage capacity, including efforts to revive the Tema Oil Refinery and expand fuel storage infrastructure.
“We want to be able to link the upstream to the downstream,” he said, referring to plans to integrate crude production with domestic refining and fuel supply.
For now, he said the immediate priority was to maintain reliable fuel supplies while managing rising price pressures.
Source:
www.graphic.com.gh
