The Chamber of Oil Marketing Companies (COMAC) is projecting a rise in fuel prices during the second pricing window of March 2026.

According to COMAC, fuel could sell for as high as GH¢17 per litre if the ongoing joint US-Israel war against Iran continues.

In an interview on March 9, 2026, the CEO of COMAC, Dr Riverson Oppong, noted that tensions in the Middle East have driven crude oil prices to record highs, posing a major threat to oil-importing countries like Ghana.

He stated that crude oil prices could surge between $110 and $120 per barrel in the coming days if the situation is not addressed.

Dr Oppong explained that increases in international crude oil prices typically translate into higher local pump prices once new shipments are procured at elevated cost levels.

"If by Wednesday things have not come down, we are going to hit around $110 to $120 per barrel. If you take the trading price we are seeing from the markets or from the BDCs today for the Oil Marketing Companies, we should hit above GH¢15 between GH¢15 and GH¢17, depending on where you buy your fuel,” he said.

Crude oil price hits $108 per barrel

Ghana imports a substantial portion of its petroleum products through Bulk Distribution Companies (BDCs), which supply Oil Marketing Companies (OMCs) that retail fuel nationwide.

He emphasised that Ghana remains highly vulnerable to global shocks due to its heavy reliance on imported refined petroleum products.

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.

He added that the impact of rising crude oil prices is already being felt globally, with several countries recording sharp increases in petrol and diesel prices.

SP/AE

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