A report by the Chamber of Oil Marketing Companies (COMAC) has attributed the higher fuel prices in Ghana during the first half of 2026 to the disruption in global oil supplies following the Middle East conflict. The report, titled "Analysis of Petroleum Product Volumes, H1 2026," states that the first half of 2026 was marked by exceptional volatility in global petroleum markets.
According to COMAC, the average ex-pump prices of fuel in Ghana rose above their January opening levels by 19.9% for petrol, 29.4% for diesel, and 22.9% for LPG. This increase was largely due to the rise in Brent crude prices from US$75 per barrel in January to a peak of US$115–US$120 per barrel following the conflict and the closure of the Strait of Hormuz.
The closure of the Strait of Hormuz had a significant impact on global oil supplies, with vessel movements through the strait declining by about 96%. Additionally, Gulf production fell by an estimated 6.7 million barrels per day. The rerouting of cargoes also led to an increase in freight, insurance, and delivery costs, which further contributed to the rise in fuel prices.
Despite the price increases, national petroleum-product consumption in Ghana rose by 12.24% to 4.06 billion litres in the first half of 2026. Petrol and diesel accounted for more than 80% of consumption, with their volumes rising by 13.11% and 17.11%, respectively. LPG consumption also grew by 16.93% during the period.
Ghana imported 3.43 billion litres of petroleum products during the period, a decline of 12.67%. However, domestic production rose by 350.7% to 878.33 million litres, driven largely by the Sentuo Oil Refinery. This growth in local production is a positive development for Ghana's fuel supply, but COMAC warns that imported refined products remain the country's main source of supply.
The reliance on imported refined products leaves Ghana exposed to future disruptions in global markets, according to COMAC. The chamber's report highlights the need for Ghana to continue to develop its domestic fuel production capacity to mitigate the impact of global price shocks.
The report's findings have significant implications for Ghana's energy sector, highlighting the need for the country to diversify its fuel supply sources and reduce its reliance on imported refined products. The government may need to consider new policies to support the growth of domestic fuel production and mitigate the impact of global price shocks on the country's fuel prices.
Key points
- The Middle East conflict led to a rise in global oil prices, which contributed to higher fuel prices in Ghana during the first half of 2026.
- Ghana's fuel consumption rose by 12.24% to 4.06 billion litres in the first half of 2026, driven by increases in petrol, diesel, and LPG consumption.
- Despite growth in local production, imported refined products remain Ghana's main source of fuel supply, leaving the country exposed to future disruptions in global markets.
