Middle East conflict pushed Ghana fuel prices higher in first half of 2026 – COMAC

The Chamber of Oil Marketing Companies (COMAC) reported that the Middle East conflict led to higher fuel prices in Ghana during the first half of 2026. The analysis revealed that average ex-pump prices increased by 19.9% for petrol, 29.4% for diesel, and 22.9% for LPG compared to January 2026 levels. This significant rise in fuel costs was attributed to global volatility in petroleum markets following the conflict and the closure of the Strait of Hormuz.

The closure resulted in a sharp decrease in vessel movements through the strait, with a 96% reduction, and a decline in Gulf production by 6.7 million barrels per day. These disruptions caused higher freight, insurance, and delivery costs, leading to a sharp increase in international petrol, diesel, LPG, and aviation fuel prices.

COMAC stated that these factors placed significant pressure on Ghana's import-dependent petroleum market, contributing to higher domestic fuel prices. Despite the price hikes, national consumption of petroleum products rose by 12.24% to 4.06 billion liters in the first half of 2026. Petrol and diesel consumption increased by 13.11% and 17.11%, respectively, while LPG consumption grew by 16.93%.

Ghana imported 3.43 billion liters of petroleum products during the period, representing a decline of 12.67% compared to the previous year. Domestic production, however, surged by 350.7% to 878.33 million liters, primarily due to the Sentuo Oil Refinery. COMAC cautioned that even with the growth in local production, Ghana remains reliant on imports for refined products, making it vulnerable to future disruptions in global markets.