Accra: The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has explained why fuel prices in Ghana have not decreased in tandem with falling crude oil prices. He attributed this to the high cost of importing petroleum products, which includes expenses such as shipping, insurance, and import charges, keeping pump prices elevated despite a decline in global crude prices from approximately $100 per barrel to the $70 range.
According to Ghana Web, Dr. Oppong expressed these views during an appearance on JoyNews on Thursday, August 6, 2026. He highlighted that tensions between the United States and Iran have contributed to an unpredictable global oil market, leading some Oil Marketing Companies (OMCs) to adjust prices before the end of the typical two-week pricing cycle. This situation, he noted, is unprecedented as OMCs are now changing prices within a pricing window.
Dr. Oppong pointed out that while OMCs initially resisted transferring higher supplier costs to consumers, the rising expenses have made it challenging to continue absorbing the financial pressure. He emphasized that lower crude oil prices do not automatically result in cheaper fuel due to the significant costs associated with importation.
Furthermore, Dr. Oppong raised concerns about the asymmetrical response of fuel prices to fluctuations in global crude oil prices, noting that prices tend to rise quickly when crude oil prices increase but do not fall at the same rate when global prices decline. He suggested that Ghana may need to reconsider its fuel pricing system, particularly the two-week adjustment cycle, to better manage extreme market volatility.
These remarks come on the heels of the government's recent GHS2-per-litre reduction on diesel prices, a measure aimed at providing relief to consumers and businesses facing rising fuel costs.