The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has said fuel prices in Ghana have not dropped in line with falling crude oil prices because the cost of importing petroleum products remains high.

He explained that although global crude prices have declined from about $100 per barrel to the $70 range, expenses such as shipping, insurance, and import charges continue to keep pump prices elevated.

Speaking on JoyNews on Thursday, August 6, 2026, Dr Oppong said tensions between the United States and Iran have made the global oil market unpredictable, forcing some Oil Marketing Companies (OMCs) to adjust prices before the end of the usual two‑week pricing cycle.

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“This is the first time in a long time that we’ve seen OMCs changing prices when we are within a window,” he said.

He noted that while OMCs initially resisted passing on higher supplier costs, rising expenses have made it difficult to continue absorbing the pressure.

Lower crude oil prices, he stressed, do not automatically translate into cheaper fuel because importation costs remain significant.

Dr Oppong also questioned why fuel prices rise quickly when crude oil prices increase but do not fall at the same pace when global prices decline.

He suggested Ghana may need to review its fuel pricing system, particularly the two‑week adjustment cycle, to better respond to extreme market volatility.

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His comments follow government’s recent GH¢2‑per‑litre reduction on diesel prices aimed at cushioning consumers and businesses against rising fuel costs.

DR/SA