Dr. Riverson Oppong, CEO of the Chamber for Oil Marketing Companies (COMAC), has cautioned that fuel prices are likely to rise significantly in the next pricing window despite the current period of relative stability.
He explained that the petroleum sector has been performing progressively well in recent weeks, largely due to the appreciation of the Ghanaian cedi, which helped keep pump prices relatively affordable.
According to him, perhaps it could be a different story if Africa and by extension Ghana took strides to move away from diesel and petrol as its primary sources of power for transportation as the rest of the world is.
“The world is going through an energy transition phase where everyone is moving away from diesel and petrol as primary sources of power, but for Africa, and Ghana inclusive, the narrative is very different,” he said. “It’s possible that for the next window, prices will increase significantly.”
According to Dr. Oppong, the strength of the cedi played a major role in cushioning consumers from what could have been higher fuel prices during the current window.
“The prices of crude oil in this current window were high, but due to the performance of the cedi, we didn’t feel it like we were supposed to. Because the cedi appreciated against the dollar, the price was down, while the international benchmark price remained fairly stable,” he said on Onua FM’s Yen Nsempa morning show on Thursday, November 20, 2025.
He stressed that the availability of the US dollar on the local market remains critical, since oil imports are dollar-denominated. “The availability of the dollar and how you buy the dollar is very important,” he added.
Dr. Oppong outlined the key elements his outfit monitors when projecting fuel prices for each pricing window to be “exchange rates and the international benchmark price of oil are the main components. Taxes and levies remain constant, so our analysis focuses primarily on these two factors,” he explained.
He also highlighted operational challenges confronting Oil Marketing Companies (OMCs), particularly the currency mismatch in buying and selling fuel.
“We buy the oil with USD but sell in cedis, so how you sell matters. The rates can be down, yet there may be no dollars on the market and that alone can increase the price because it becomes a matter of demand and supply,” he said.
Dr. Oppong reiterated that unless Africa takes deliberate steps to align with global energy transition efforts, the continent will continue to face volatility in fuel pricing.
The next pricing window will determine how these dynamics play out for consumers across the country.
Cedi-Dollar rate does not directly determine fuel prices – CEO of COMAC clarifies
