The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Riverson Oppong, has said that periodic increases in fuel prices in Ghana are inevitable as long as the country relies heavily on imported petroleum products.
His remarks come after several Oil Marketing Companies (OMCs) adjusted pump prices, with projections indicating that the current pricing window could see one of the largest increases in recent years.
A check by Joy Business on the morning of March 16 showed that Star Oil is now selling a litre of petrol at GH¢12.49.
According to Mr Oppong, Ghana’s status as a net fuel importer makes the local market highly sensitive to global oil price swings and fluctuations in the exchange rate.
Speaking on JoyNews, he emphasised that rising fuel prices in Ghana are part of a broader global trend. “The situation we see at fuel pumps is not unique to Ghana,” he said, citing Nigeria as an example. Despite the presence of the Dangote Refinery, fuel prices there have also increased significantly.
“You cannot expect to have cheaper fuel in a country where we are a net importer, and a huge net importer for that matter,” he added.
Mr Oppong explained that the international nature of petroleum pricing means countries dependent on imports are often forced to adjust domestic fuel prices to reflect global market developments. He added that until Ghana expands its refining capacity or reduces reliance on imports, fuel prices will continue to be shaped by global market dynamics.