{
  "id": 327139,
  "title": "Fuel pricing norm broken as market turns ‘radically volatile’ – COMAC CEO",
  "url": "https://urgent.news/2026/08/07/fuel-pricing-norm-broken-as-market-turns-radically-volatile-comac-ceo-327139",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-07T05:49:00.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/fuel-pricing-norm-broken-as-market-turns-radically-volatile-comac-ceo/"
  },
  "original_language": "en",
  "account": "Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC), revealed that Ghana's fuel market has entered a highly volatile phase. This situation has compelled oil marketing companies (OMCs) to modify their pricing strategies, a move unprecedented under the nation's pricing system. The government has introduced a ¢2 per litre cushioning on diesel following additional increases in petroleum prices to alleviate the financial strain on consumers and businesses. Speaking on JoyNews' PM Express Business Edition, Dr. Oppong attributed the market's volatility to the recent developments in the global oil market, triggered by the conflict between the United States and Iran. Despite this conflict, oil marketing companies resisted raising pump prices initially, as bulk distribution companies faced rising costs. Dr. Oppong noted that this is the first time in a long time that OMCs have changed prices within the pricing window, highlighting the market's unusual volatility. He pointed to the sharp fluctuations in global crude oil prices, which have ranged from $100 per barrel to the $70s, as evidence of the uncertainty surrounding the industry. Dr. Oppong questioned why consumers have not experienced a corresponding drop in pump prices as international oil prices have decreased. He also expressed concerns about the current pricing framework's suitability under such volatile conditions, questioning whether daily spot pricing changes are an option to consider or if the two-week window should remain. Dr. Oppong highlighted the high cost of importing fuel despite the drop in crude oil prices due to elevated premiums and rising logistics costs.",
  "summary": "The CEO of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, says Ghana’s fuel market has entered an unusually volatile phase, forcing oil marketing companies (OMCs) to respond in ways rarely seen under the country’s pricing system.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Fuel pricing norm broken as market turns ‘radically volatile’ – COMAC CEO",
        "url": "https://urgent.news/2026/08/07/fuel-pricing-norm-broken-as-market-turns-radically-volatile-comac-ceo",
        "published": "2026-08-07T05:49:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}