Fuel prices in Ghana could rise sharply to as high as GH¢17 per litre if escalating tensions in the Middle East continue, the Chamber of Oil Marketing Companies (COMAC) has warned.
Speaking in an interview on Monday, March 9, 2026, Chief Executive Officer of COMAC, Dr. Riverson Oppong, said the ongoing conflict involving Israel, Iran and the United States could push global crude oil prices significantly higher, with direct consequences for fuel-importing countries like Ghana.
According to him, if the geopolitical tensions do not ease soon, crude oil prices on the international market could climb to between $110 and $120 per barrel within days.
“If by Wednesday things have not come down, we are likely to see prices hit around $110 to $120 per barrel,” he said.
Ghana relies heavily on imported petroleum products. Bulk Distribution Companies (BDCs) import fuel and supply it to Oil Marketing Companies (OMCs), which then sell to consumers across the country.
Dr. Oppong explained that when crude oil prices rise on the global market, the cost of fuel at the pump in Ghana also increases once new shipments are purchased at the higher prices.
“If you are picking the trading price we are seeing from the markets or from the BDCs today for the oil marketing companies, pump prices could go above GH¢15 and reach between GH¢15 and GH¢17 depending on where you buy your fuel,” he noted.
The warning comes amid fears of potential disruptions to oil supply routes in the Middle East, particularly around the Strait of Hormuz, a key global shipping route through which a significant portion of the world’s crude oil supply passes each day.
Energy market analysts say the rising geopolitical risk is already pushing oil prices upward as traders factor in the possibility of supply disruptions.
Dr. Oppong stressed that Ghana remains highly exposed to such global shocks because it imports a large share of its 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 a net importer of energy, so we will inevitably feel the impact.”
He added that the effects of rising crude oil prices are already being felt globally, with several countries recording increases in petrol and diesel prices. The United Kingdom, he noted, is among the countries experiencing rising pump prices as crude oil costs climb.
“This is a global issue,” he emphasised.
A sustained increase in fuel prices could have significant implications for Ghana’s economy. Higher fuel costs often lead to increased transport fares, rising food prices, higher electricity tariffs and broader inflationary pressures.
Economists warn that persistent increases in fuel prices could also complicate efforts by the Bank of Ghana to stabilise inflation and maintain overall 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 forces beyond Ghana’s control.
Industry observers say the direction of fuel prices in Ghana will largely depend on how quickly tensions in the Middle East ease and whether global crude oil markets stabilise in the coming weeks.
