Fuel prices in Ghana jumped sharply in the first half of 2026, with diesel up nearly 30% and petrol close behind, driven by disruptions in global oil supplies caused by the Middle East conflict. The Chamber of Oil Marketing Companies (COMAC) released a report detailing how the crisis pushed Brent crude prices from about US$75 a barrel in January to a peak between US$115 and US$120.
The report says the conflict led to the closure of the Strait of Hormuz, a critical shipping route, causing vessel movements to drop by around 96%. Gulf oil production fell by an estimated 6.7 million barrels per day. These changes forced shipping routes to be altered, raising freight, insurance, and delivery costs for petroleum products.
“Subsequently, international petrol, diesel, LPG and aviation fuel prices rose sharply before moderating after the partial reopening of the Strait in June,” COMAC wrote. The increase in global prices fed into Ghana’s market, putting pressure on the country’s import-dependent petroleum supply and pushing domestic fuel prices up.
By the middle of 2026, petrol prices had risen 19.9% from their levels at the start of the year, diesel prices jumped 29.4%, and LPG prices increased 22.9%. Despite these hikes, fuel consumption in Ghana grew by 12.24%, reaching 4.06 billion litres.
The report notes petrol and diesel made up over 80% of this consumption, with petrol use rising 13.11% and diesel consumption up 17.11%. LPG use climbed 16.93% as more households shifted to the cleaner fuel.
Ghana’s imports of petroleum products fell 12.67% to 3.43 billion litres during the same period. Meanwhile, domestic production surged by 350.7% to 878.33 million litres, mainly due to output from the Sentuo Oil Refinery. COMAC’s data shows local refining is growing but remains small compared to imports.
“Imported refined products remain Ghana’s main source of supply despite the growth in local production,” COMAC said, warning this leaves the country vulnerable to future price shocks and supply disruptions on the global market.
The rise in fuel prices comes at a time when inflation and living costs are already squeezing many Ghanaians. Higher transport and energy costs will likely feed through to other sectors of the economy.
COMAC’s report covers January to June 2026 and reflects the immediate impact of geopolitical conflict far beyond the Middle East, reaching Ghana’s fuel pumps and household budgets in less than half a year.
The partial reopening of the Strait of Hormuz in June helped ease some pressure on prices internationally, but Ghana’s market remains exposed. The country’s reliance on imported refined fuels means it will continue to feel the effects of global supply disruptions and price swings as long as imports dominate.
The situation also points to the challenge of balancing growing domestic fuel demand with efforts to boost local refining capacity. Sentuo Oil Refinery’s output helped reduce imports but still covers less than a quarter of the country’s total consumption.
For now, Ghanaians face higher fuel prices and a more expensive cost of living as the fallout from the Middle East conflict plays out on global oil markets.
According to Joy Online.
