US-Iran tensions keep Ghana’s fuel market on edge – COMAC

By Prince Antwi July 10, 2026

The Chamber of Oil Marketing Companies (COMAC) has warned that renewed tensions between the United States and Iran are creating uncertainty in Ghana’s fuel market, with continued instability in the Middle East threatening the country’s fuel price outlook.

The collapse of efforts to secure a ceasefire between Washington and Tehran has heightened fears of disruptions to global crude oil supplies, fueling volatility in international oil markets. As a result, fuel-importing countries such as Ghana remain vulnerable to unpredictable price movements.

Speaking on JoyNews’ PM Express Business Edition on Thursday, July 9, COMAC Chief Executive Officer, Dr. Riverson Oppong, said the breakdown in peace negotiations was not unexpected, noting that uncertainty has characterised the conflict for months.

“I wasn’t surprised by the collapse of the peace deal because we’ve been living with uncertainty over the past few months. Only President Trump knows when there will be a ceasefire, or perhaps only Iran knows when it will happen,” he said.

Dr. Oppong explained that the ongoing geopolitical uncertainty continues to pose significant risks to Ghana’s downstream petroleum sector, as fluctuations in global crude oil prices directly affect the local fuel market.

According to him, the impact extends across the entire fuel supply chain, affecting both Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDCs).

He noted that while rising fuel prices can generally be managed because the additional costs are eventually transferred to consumers, falling prices present a greater financial challenge for industry players.

“As far as revenue is concerned, it is easier when prices are moving up. But when prices decline, it becomes very difficult—not only for OMCs but also for BDCs,” he said.

Dr. Oppong explained that companies often suffer losses when they import fuel at higher international prices, only for global prices to decline before the products are sold on the domestic market.

“Imagine purchasing fuel at a higher price during one pricing window and then waking up to find that prices have dropped in the next window. That immediately affects your margins,” he explained.

The COMAC CEO also noted that although hedging is frequently suggested as a strategy to reduce price risks, it is not always a practical option for Ghana’s downstream petroleum industry.

His remarks come as Ghana’s petroleum sector continues to monitor developments in the Middle East, where renewed US-Iran tensions have intensified concerns over global oil supply and price stability.

As Ghana relies heavily on imported refined petroleum products, prolonged geopolitical instability could continue to influence domestic fuel prices, squeeze profit margins for industry players, and make business planning increasingly difficult.

Dr. Oppong stressed that until there is greater certainty over the geopolitical situation, fuel marketers should expect continued volatility in international oil prices and remain prepared for sudden changes in the market.