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

Disruption to global oil supplies following the Middle East conflict contributed to higher fuel prices in the country during the first half of 2026, according to a report by the Chamber of Oil Marketing Companies (COMAC).

The chamber’s Analysis of Petroleum Product Volumes, H1 2026 says average ex-pump prices rose above their January opening levels by 19.9% for petrol, 29.4% for diesel and 22.9% for LPG.

“The first half of 2026 was marked by exceptional volatility in global petroleum markets,” the report states. It says Brent crude rose from US$75 per barrel in January to a peak of US$115–US$120 per barrel following the conflict and the closure of the Strait of Hormuz.

According to COMAC, vessel movements through the strait declined by about 96%, while Gulf production fell by an estimated 6.7 million barrels per day. The rerouting of cargoes also increased 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,” the report says.

COMAC says the developments “placed significant pressure on Ghana’s import-dependent petroleum market, contributing to higher domestic prices”.

Despite the price increases, national petroleum-product consumption rose 12.24% to 4.06 billion litres in the first half of 2026. Petrol and diesel accounted for more than 80% of consumption, with their volumes rising by 13.11% and 17.11%, respectively. LPG consumption grew by 16.93%.

Ghana imported 3.43 billion litres of petroleum products during the period, a decline of 12.67%. Domestic production rose 350.7% to 878.33 million litres, driven by Sentuo Oil Refinery.

COMAC warns that imported refined products remain Ghana’s main source of supply despite the growth in local production, leaving the country exposed to future disruptions in global markets.