COMAC Says Middle East Crisis May Push Ex-Pump Prices to GH¢17 per Litre
Fuel prices could rise to as high as GH¢17 per litre if escalating tensions in the Middle East involving Israel, Iran and the United States do not ease in the coming days, Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Riverson Oppong, has warned.
Speaking in an interview on Monday, March 9, 2026, Dr Oppong noted that escalating geopolitical tensions in the Middle East could drive global crude oil prices significantly higher, with direct consequences for fuel-importing economies such as Ghana.
According to him, if the situation persists, international crude oil prices could surge to between US$110 and US$120 per barrel in the coming days.
“If by Wednesday things have not come down… we are going to hit around 110 to 120 [dollars per barrel],” he stated.
Ghana imports a substantial portion of its petroleum products through Bulk Distribution Companies (BDCs), which supply Oil Marketing Companies (OMCs) that retail fuel nationwide.
Dr Oppong explained that increases in international crude oil prices typically translate into higher pump prices locally once new shipments are procured at elevated cost levels.
“If you are picking the trading price that we are seeing from the markets or from the BDCs today for the oil marketing companies… we should hit above 15 cedis, between 15 to 17 cedis, depending on where you buy your fuel from,” he said.
The warning comes amid rising concerns over potential disruptions to oil supply routes in the Middle East, particularly around the strategic Strait of Hormuz, through which a significant share of the world’s crude oil supply passes daily.
Energy market analysts say heightened geopolitical risks in the region are already pushing crude oil prices upward as traders price in possible supply disruptions.
Dr Oppong noted that Ghana remains highly vulnerable to such global shocks due to its heavy reliance on imported refined petroleum products.
“Let’s not politicise it. Let’s face facts. Ghana did not play any role in this particular fight or war,” he said.
“But we are here as a net importer of energy, and therefore we must suffer the consequences.”
According to him, the impact of rising crude oil prices is already being felt globally, with several countries recording sharp increases in petrol and diesel prices.
He cited the United Kingdom as one of the countries experiencing significant pump price increases as crude oil costs climb.
“This is a global issue,” he emphasised.
Higher fuel prices could have far-reaching implications for Ghana’s economy, affecting transport fares, food prices, electricity tariffs and overall inflation.
Fuel costs play a central role in the pricing of goods and services across the economy, meaning sustained increases could place additional pressure on households and businesses.
Analysts warn that rising fuel prices could also complicate efforts by the Bank of Ghana to stabilise inflation and maintain macroeconomic stability.
Despite the looming challenges, Dr Oppong urged policymakers and the public to avoid politicising the issue, stressing that the current price pressures are largely driven by global market dynamics beyond Ghana’s control.
Industry observers note that the trajectory of fuel prices in Ghana will largely depend on how quickly tensions in the Middle East subside and whether global crude oil markets stabilise in the coming weeks.
