Dr Riverson Oppong, COMAC CEO
The Chamber of Oil Marketing Companies (COMAC) has indicated that ongoing disruptions in the global oil market continue to exert upward pressure on petroleum product prices, despite a marginal decline in crude oil prices.
In its latest market commentary following the pricing window effective May 16, 2026, COMAC said oil prices initially rose after former United States President Donald Trump warned that the fragile US–Iran ceasefire could collapse, potentially prolonging the closure of the Strait of Hormuz.
The chamber noted that uncertainty surrounding maritime security in the strategic waterway, including reports of a possible revival of “Project Freedom” to escort vessels, has reinforced concerns that the Strait may remain constrained for longer than expected.
COMAC explained that disruptions to crude oil, gas, and refined fuel shipments over the past weeks have tightened global supply and increased inflationary pressures across energy markets.
It also cited remarks attributed to Saudi Aramco CEO Amin Nasser, who reportedly stated that the oil market is losing about 100 million barrels per week. He warned that if disruptions continue into June, normal market conditions may not return until next year.
A Reuters survey referenced in the commentary further showed that OPEC production fell in April to its lowest level in more than two decades, as tensions in the Middle East affected exports through the Strait of Hormuz.
According to the report, OPEC crude output declined by 830,000 barrels per day to 20.04 million barrels per day, while March figures were also revised downward following adjustments to Saudi Arabia’s production estimates.
COMAC’s pricing outlook covering the May 16, 2026 window indicates that while international crude oil prices recorded a marginal decline of 1.52 percent, refined petroleum products increased across most categories.
Petrol recorded the highest increase at 9.58 percent, rising from $1,032.75 per metric tonne to $1,131.73 per metric tonne. Diesel increased by 3.60 percent, while LPG rose by 6.07 percent. Fuel oil also recorded an increase, while kerosene prices declined by 6.99 percent.
The Ghana cedi also weakened slightly, with the exchange rate moving from GH¢11.2057 to GH¢11.3133 against the US dollar, representing a 0.95 percent change.
COMAC further noted that the joint government–industry intervention in the petroleum price build-up has been revised downward following earlier temporary measures introduced to cushion consumers against global price shocks.
Under the revised arrangement, the intervention remains in force but has been reduced, with petrol support effectively removed and diesel support reduced to GH¢1.07.
The chamber explained that consumers continue to receive partial cushioning from global price movements, although domestic prices are gradually adjusting to international market realities
