COMAC: No Basis for Fuel Price Hikes (Warns BDCs Against Using War as Pretext)
The Chamber of Oil Marketing Companies has accused Bulk Distribution Companies of raising fuel prices too soon. They say that the ongoing conflict in the Middle East should not yet affect the price of oil products in Ghana. Riverson Oppong, the Chief Executive Officer of COMAC, said on Citi FM on March 9 that the products that are currently being sold were brought in before the conflict began. Because of this, the prices should not go up because of the war until the next pricing window after March 15, when the country’s bi-weekly pricing system kicks in. He said that recent price increases reported by suppliers were fake and not in line with Ghana’s petroleum pricing policy. He asked the National Petroleum Authority to step in and stop suppliers from “cashing in on the war,” which could force oil marketing companies to raise pump prices. Yussif Sulemana, an energy analyst at the Ministry of Energy and Green Transition, said that Ghana currently has enough fuel for about five to six weeks. More shipments are expected to come in, bringing the total supply to about ten weeks. He stressed that while supply is stable, the main concern is how rising global crude prices—now over $100 per barrel—will affect domestic fuel costs. The government is keeping an eye on the situation and considering options like subsidies, market adjustments, and increasing local refining capacity, such as reopening the Tema Oil Refinery.
