The Chamber of Oil Marketing Companies (COMAC) has projected an increase in ex-pump fuel prices for the upcoming pricing window, citing rising global oil prices and ongoing geopolitical tensions.
According to COMAC, crude oil prices surged sharply from $86.55 per barrel to $109.66 per barrel, with Brent crude on track for a record consecutive monthly gain in March. The development follows heightened tensions in the Middle East, particularly involving Iran, which has led to the near closure of the Strait of Hormuz—one of the world’s most critical oil transit routes—raising concerns about global energy supply and economic stability.
On the international market, petroleum product prices also recorded significant increases. Liquefied Petroleum Gas (LPG) saw the highest rise at 36.90 percent, followed by diesel at 27.84 percent and petrol at 24.48 percent.
Meanwhile, the Ghana cedi depreciated marginally against major trading currencies. For the April 1, 2026 pricing window, the cedi weakened from GHS 10.913 to GHS 11.050 per US dollar, representing a 1.24 percent decline. Analysts attribute the depreciation to increased demand for foreign exchange by importers, elevated liquidity in the system, and rising oil prices, all of which have contributed to a higher import bill.
Based on these factors, COMAC projects that ex-pump prices for petrol, diesel, and LPG will increase by 8.06 percent, 9.76 percent, and 1.81 percent, respectively. The anticipated adjustments are largely driven by escalating global crude oil prices, supply disruptions, and transportation risks along key trade routes such as the Strait of Hormuz.