The Chamber of Oil Marketing Companies (COMAC) is raising an alarm over what it describes as unjustified fuel price increases by Bulk Distribution Companies (BDCs), warning that some suppliers are taking advantage of global tensions to raise prices locally.
The Chamber has revealed that several BDCs have recently increased the prices at which they sell fuel to Oil Marketing Companies (OMCs), even though the current stock was imported before the outbreak of the Middle East conflict.
In an exclusive interview with Accra-based Citi FM monitored by The High Street Journal on Monday, the Chief Executive Officer (CEO) of the chamber, Dr. Riverson Oppong, bemoaned that the situation is deeply worrying and could unfairly push pump prices higher for consumers.
The Case of COMAC
Justifying why he believes that the actions of the BDCs are illegal and unjustified, the CEO insisted that the current stock was imported before the war broke out.
OMCs are the final commercial link between fuel suppliers and consumers, purchasing petroleum products from BDCs before selling them at the pumps.
Because of this structure, OMCs typically pass on the price at which they purchase fuel to consumers.
However, he insists that the recent price adjustments being quoted to OMCs do not reflect the actual cost of the fuel currently in the system.
Every shipment currently being sold, he noted, was imported before tensions escalated between the United States, Israel, and Iran, which triggered the latest surge in global oil prices.
“Every product that has been imported was imported at a price prior to this war. So when you have BDCs increasing prices to the OMCs, that’s to our members, that’s very worrying,” Dr. Oppong lamented.
Concerns Over Pricing Windows
He further explained that the country’s downstream petroleum market does not allow for the present actions taken by some BDCs.
Ghana’s downstream petroleum market operates on a two-week pricing and selling window. Within this system, price adjustments are expected to reflect the cost of products imported within that period.
COMAC says the current selling window, which runs until the 15th, should not reflect price spikes linked to the ongoing geopolitical crisis because those costs were not incurred when the fuel was purchased.
While COMAC had earlier projected a modest 2–3% rise in prices based on global market trends before the conflict escalated, Dr. Oppong says some BDCs are quoting increases far beyond those levels.
Warning Against Exploitation
Dr. Oppong strongly warned against what he described as opportunistic pricing practices. He insists that it is wrong for anyone to take advantage of what is happening globally to increase prices when the products were imported at lower costs.
He stressed that such practices undermine the integrity of the pricing system and unfairly shift the burden to consumers.
The CEO of COMAC was quick to welcome the proactive response of the National Petroleum Authority (NPA), which is responsible for regulating Ghana’s downstream petroleum sector.
Dr. Oppong noted that while the government could explore temporary relief measures, such as removing some levies or offering waivers, regulators must also ensure that trading practices within the supply chain remain fair and transparent.
What It Means for Consumers
It is feared that the arbitrary price increases at the wholesale level could translate into higher fuel prices at the pumps, even before global market changes fully take effect.
That would mean transport fares, food prices, and production costs could rise prematurely, putting additional strain on households and businesses already dealing with the broader economic impact of global instability.
COMAC says the global crisis should not become an opportunity for price manipulation in the domestic market, even if it has no bearing.
