The Chamber of Oil Marketing Companies (COMAC) has reported a sharp rise in global crude oil prices in 2026, with averages climbing from $109.66 per barrel to $129.80 per barrel—an 18.37% increase driven largely by escalating geopolitical tensions. The chamber says despite rising international prices, it projects a mixed trend for ex-pump prices in the current pricing window.
Petrol prices are expected to increase between 1.93% and 3.01%, while LPG is projected to rise modestly by 0.75% to 0.90%. In contrast, diesel prices are anticipated to decline between 1.20% and 3.86%.
COMAC attributes the relatively moderated price movements to a coordinated intervention by government and industry players aimed at cushioning consumers from the full impact of rising global prices.
According to COMAC, developments surrounding the Strait of Hormuz remain the most critical factor influencing global energy supply and pricing. Although flows through the key shipping route have resumed, recent threats of a potential U.S. blockade on vessels linked to Iranian ports have heightened market uncertainty and sustained upward pressure on prices.
International Petroleum Prices Climb
The surge in crude prices has translated into sustained increases in refined petroleum product prices on the international market. COMAC noted that prices have risen for the seventh consecutive pricing window since January 2026.
Liquefied Petroleum Gas (LPG) recorded the highest increase at 9.38%, followed by diesel at 6.98% and petrol at 2.77%.
Cedi Weakens Marginally
On the domestic front, the Ghana cedi experienced a slight depreciation against major trading currencies. For the April 16, 2026 pricing window, the cedi weakened from GHS 11.0503 to GHS 11.1324 per US dollar, representing a 0.74% decline.
COMAC indicated that without this intervention, fuel prices at the pumps would have seen steeper increases during the period, reflecting the sustained volatility in international oil markets
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