Ghana’s Fuel Prices Remain Competitive Despite Global Pressures – COMAC
By Esther Korantemaa Offei
The Chief Executive Officer and Industrial Coordinator of COMAC, Dr. Riverson Oppong, has stated that fuel prices in Ghana continue to offer better value for consumers compared to Nigeria, even with the presence of major players like Dangote.
Speaking on current developments in the petroleum sector, Dr. Oppong explained that Oil Marketing Companies (OMCs) have been responsive to market changes, ensuring that fuel remains relatively affordable for Ghanaians. He noted that while prices have increased between eight and fifteen percent in line with international benchmarks, the rise is significantly lower than the thirty percent average observed globally.
“The price of fuel in Nigeria, even with the presence of Dangote, remains higher compared to Ghana,” he said.
Mr. Oppong emphasized that discussions around fuel prices should focus on market realities rather than politics, highlighting that OMCs have been adjusting prices quickly to cope with international volatility. He added that Bulk Distribution Companies (BDCs) are still navigating challenges in maintaining prices within the regulated window, particularly in areas with high demand.
Currently in Nigeria, he observed that local fuel prices are rising faster despite domestic refining, underscoring Ghana’s relative advantage. He also addressed possible government intervention, noting that while discussions are ongoing about levies, any removal may be difficult due to existing financial obligations tied to energy generation.
“Ghana is fortunate because our supply security remains stable, even as prices fluctuate globally,” he explained.
He urged stakeholders to focus on long-term solutions rather than short-term comparisons, emphasizing that the country still faces challenges in balancing market dynamics and affordability. According to Dr. Oppong, Ghana’s OMCs are providing a fair deal to consumers under current conditions, and careful planning is required to sustain supply security and pricing stability.
As global energy markets continue to shift, his remarks suggest that Ghana has so far managed the impact of rising international fuel prices better than many of its regional neighbors, offering a relative cushion for domestic consumers.
This analysis highlights the critical role of market responsiveness and regulatory oversight in ensuring that fuel remains accessible amid rising global energy costs.
