The Chamber of Oil Marketing Companies (COMAC) has warned that fuel prices in Ghana could rise during the second pricing window of March 2026.

In an interview on March 9, 2026, COMAC’s CEO, Dr Riverson Oppong, said fuel could sell for as high as GH¢17 per litre if the ongoing joint US-Israel military actions against Iran continue to disrupt global oil markets.

Dr. Oppong explained that tensions in the Middle East have pushed crude oil prices to record highs, creating major challenges for oil-importing countries like Ghana. He noted that crude prices could surge to between US$110 and US$120 per barrel in the coming days if the situation persists.

He emphasised that increases in international crude oil prices generally translate into higher local pump prices once new shipments are procured at elevated costs.

“If by Wednesday things have not come down, we are going to hit around $110 to $120 per barrel. Based on trading prices we are seeing from the markets or BDCs today, fuel prices could rise above GH¢15, possibly reaching between GH¢15 and GH¢17 depending on where you buy,” Dr. Oppong said.

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

Dr. Oppong highlighted the country’s vulnerability to global oil shocks, given its heavy reliance on imported refined petroleum products.

He also noted that rising fuel costs directly affect the pricing of goods and services nationwide, meaning sustained increases could put added pressure on households and businesses.

“The impact of rising crude oil prices is already being felt globally, with several countries recording sharp increases in petrol and diesel prices,” he added.