Disruptions to global oil supplies caused by the Middle East conflict contributed to significant increases in fuel prices in Ghana during the first half of 2026, according to the Chamber of Oil Marketing Companies (COMAC).
The chamber’s Analysis of Petroleum Product Volumes, H1 2026 report indicates that average ex-pump prices increased by 19.9% for petrol, 29.4% for diesel and 22.9% for LPG compared with their opening levels in January.
COMAC said the first half of the year was characterised by significant volatility on global petroleum markets, with the price of Brent crude rising from about US$75 per barrel in January to between US$115 and US$120 per barrel following the outbreak of the conflict and the closure of the Strait of Hormuz.
According to the report, vessel movements through the strategic waterway fell by about 96%, while oil production in the Gulf declined by an estimated 6.7 million barrels per day.
The disruption also forced the rerouting of cargoes, resulting in higher freight, insurance and delivery costs.
“Subsequently, international petrol, diesel, LPG and aviation fuel prices rose sharply before moderating after the partial reopening of the Strait in June,” COMAC said.
The chamber said the developments placed considerable pressure on Ghana’s import-dependent petroleum market, contributing to higher prices at the pump.
Fuel consumption rises despite higher prices
Despite the price increases, Ghana recorded a 12.24% increase in national petroleum-product consumption, reaching 4.06 billion litres in the first half of 2026.
Petrol and diesel accounted for more than 80% of total consumption during the period.
Petrol consumption increased by 13.11%, while diesel consumption rose by 17.11%. LPG consumption also recorded strong growth, increasing by 16.93%.
The figures indicate that demand for petroleum products remained strong despite the increase in pump prices.
Imports decline as local production expands
Ghana imported 3.43 billion litres of petroleum products during the first half of the year, representing a 12.67% decline compared with the corresponding period.
At the same time, domestic production increased substantially, rising by 350.7% to 878.33 million litres.
COMAC attributed the sharp increase largely to increased production from Sentuo Oil Refinery.
However, the chamber cautioned that imported refined petroleum products remain Ghana’s primary source of supply.
It said this continued dependence leaves the country vulnerable to disruptions and price shocks in international petroleum markets.
COMAC therefore warned that while the growth in domestic refining is significant, Ghana’s exposure to global supply disruptions remains a concern as long as imported refined products continue to account for a substantial share of the country’s fuel supply.
