Global oil market pressures could push fuel prices higher – COMAC

Consumers may have to brace for more fuel price increases as global oil market volatility continues to push up the cost of petroleum products, the Chamber of Oil Marketing Companies (COMAC) has cautioned.

The Chief Executive Officer of COMAC, Dr Riverson Oppong, said the recent increases at the pumps reflect developments in the international petroleum market, rather than decisions by local Oil Marketing Companies (OMCs).

Speaking on Eyewitness News on Monday, July 27, 2026, he explained that rising tensions in the Middle East, higher global spot market prices, and frequent price adjustments by Bulk Distribution Companies (BDCs) are forcing OMCs to review their prices more regularly.

“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.

Consumers could earn rewards for requesting VAT invoices - Finance Ministry

According to him, OMCs are no longer able to absorb rising costs as they did in the past because years of intense price competition have significantly reduced their profit margins.

He said many companies have struggled financially over the past five years, with smaller OMCs finding it increasingly difficult to meet their financial obligations.

He noted that petroleum products are now being purchased at fluctuating spot market prices, leaving marketers with little choice but to pass on the higher costs to consumers.

He stressed that the uncertainty in fuel pricing is driven largely by global geopolitical developments and international oil market trends, which are beyond the control of local industry players.

37% of taxable imports bypassed direct duty payments - Ato Forson

He urged the government to provide temporary support for the downstream petroleum sector, saying public attention often focuses on consumers while overlooking the financial difficulties facing OMCs and BDCs.

He warned that sustained financial pressure on operators could threaten the stability of the downstream petroleum industry.

DR/SA