The Chamber of Oil Marketing Companies (COMAC) has warned that motorists and consumers should prepare for possible increases in fuel prices as continued volatility in the global oil market drives up the cost of petroleum products.
Chief Executive Officer of COMAC, Dr Riverson Oppong, said recent fuel price increases at the pumps are largely a reflection of developments on the international oil market rather than decisions taken by local Oil Marketing Companies (OMCs).
Speaking on Eyewitness News on Monday, July 27, 2026, Dr Oppong explained that escalating tensions in the Middle East, rising global spot market prices and frequent price adjustments by Bulk Distribution Companies (BDCs) have compelled OMCs to revise their pump prices more frequently.
“We see the increment coming up, showing that the oil marketing companies now want to show that when fuel prices are increasing, they’re also going to do the same. They’re not going to wait for NPA to review prices, perhaps with a new window before it’s done,” he said.
According to him, OMCs are no longer in a position to absorb rising operational costs as they once did because years of intense competition have significantly eroded their profit margins.
He noted that many companies have faced financial challenges over the past five years, with smaller OMCs particularly struggling to meet their financial obligations.
Dr Oppong explained that petroleum products are now being procured at fluctuating spot market prices, leaving marketers with little option but to pass on the increased costs to consumers.
He stressed that the uncertainty surrounding fuel prices is being driven mainly by global geopolitical tensions and international oil market developments, factors that are beyond the control of local industry players.
The COMAC CEO also called on the government to provide temporary support for the downstream petroleum sector, arguing that public discussions often focus on the impact of fuel price hikes on consumers while overlooking the financial pressures confronting OMCs and BDCs.
He cautioned that if the current financial strain on industry operators persists, it could affect the stability and sustainability of Ghana’s downstream petroleum sector.
