The Chamber of Oil Marketing Companies (COMAC) has reported a sharp increase in international petroleum prices as Ghana enters the October 1, 2026 pricing window, with crude oil prices rising by 19.42 per cent.
COMAC’s latest oil market commentary shows that the average crude oil price increased from $104.01 per barrel in the September 16 pricing window to $124.20 per barrel for the October 1 window.
Refined petroleum products also recorded increases, with LPG rising by 8.55 per cent, diesel by 6.91 per cent and petrol by 2.43 per cent.
Kerosene recorded a 9.86 per cent increase, while fuel oil rose by 7.40 per cent.
COMAC attributed the upward pressure to tightening physical oil markets, disruptions linked to the Iran war and reduced availability of very large crude carriers, which have pushed shipping rates higher.
The report also cited strong demand for prompt crude cargoes and constraints in global refinery capacity as factors supporting higher petroleum prices.
Saudi Arabia has resumed tanker loadings from Yanbu following the restart of its East-West Pipeline, which is currently carrying about 2.0–2.65 million barrels per day, below its 7 million barrels-per-day capacity.
Gulf oil exports have also recovered, with Goldman Sachs estimating exports at 23.3 million barrels per day over the past week, close to the 2025 average.
COMAC said Russian oil arrivals in India were expected to fall to about 1.75 million barrels per day in September, the lowest level since April.
In Ghana, the cedi-to-dollar exchange rate used in the October pricing window moved from GH¢11.4849 to GH¢11.6321 per dollar.
The petroleum price build-up shows taxes, levies and regulatory margins accounting for 26 per cent of the ex-pump price, while marketers’ and dealers’ margins account for 4 per cent and the ex-refinery price makes up 70 per cent.
COMAC said the temporary reduction in selected statutory diesel margins would remain in force from October 1 until further notice.
The measure forms part of the government-industry burden-sharing arrangement introduced in April 2026 to cushion consumers against rising international petroleum prices.
