Ghana consumed 4.06 billion litres of petroleum products in the first half of 2026, marking a 12.24% increase from the same period last year. This is according to a report by the Chamber of Oil Marketing Companies (COMAC). The report, titled "Analysis of Petroleum Product Volumes, H1 2026," highlights the trends in fuel consumption in the country.
Petrol and diesel remained the most consumed petroleum products in Ghana, accounting for over 80% of national consumption. Petrol consumption rose by 13.11%, while diesel consumption increased by 17.11%. The report also noted a significant increase in Liquefied Petroleum Gas (LPG) consumption, which grew by 16.93% during the six months.
The increase in fuel consumption occurred despite higher fuel prices. According to COMAC, average ex-pump prices rose above their January opening levels by 19.9% for petrol, 29.4% for diesel, and 22.9% for LPG in the first half of the year. The report attributes the price increases to volatility in international petroleum markets, citing the Middle East conflict and disruption to shipping through the Strait of Hormuz.
The country's import and domestic production of petroleum products also saw significant changes. Ghana imported 3.43 billion litres of petroleum products during the period, a 12.67% decrease from the same period last year. Meanwhile, domestic production surged by 350.7% to 878.33 million litres, driven by the Sentuo Oil Refinery.
The country's closing petroleum stocks also increased by 91%, from 440.24 million litres to 840.64 million litres. COMAC notes that the consumption-weighted average stock cover improved from 3.2 weeks to 6.0 weeks, although LPG stocks remained comparatively low at 3.1 weeks of cover.
The report highlights the impact of the increased fuel consumption on the country's energy sector. The Chamber of Oil Marketing Companies suggests that the trends in fuel consumption and production will inform policy decisions in the sector. The report's findings are significant, given the role of fuel in Ghana's economy.
The fuel price hikes have also had implications for transportation and other sectors. With fuel prices expected to continue surging, stakeholders are calling for a more sustainable approach to managing the impact of price increases on the economy. The government and industry players will need to work together to mitigate the effects of these price hikes.
Key points
- Ghana's fuel consumption increased by 12.24% to 4.06 billion litres in the first half of 2026.
- Petrol and diesel accounted for over 80% of national fuel consumption.
- The country's domestic fuel production surged by 350.7% to 878.33 million litres, driven by Sentuo Oil Refinery.
