Oil marketing companies in Ghana have accused bulk fuel distributors of increasing petroleum prices prematurely, insisting that the ongoing conflict in the Middle East should not yet be influencing fuel costs in the country.

The Chief Executive Officer of the Chamber of Oil Marketing Companies, Riverson Oppong, said petroleum products currently on the Ghanaian market were imported before the conflict began and therefore should not reflect any war related price adjustments.

Speaking in a radio interview on Citi FM on Monday, March 9, Dr Oppong explained that the industry’s pricing system operates within a structured cycle, meaning any impact from global developments would only be reflected in the next pricing window.

He noted that although oil marketing companies pass on the cost of products they purchase from Bulk Distribution Companies to consumers, the current situation raises serious concerns.

“In all this, we do have a pass-through cost, no doubt. Whatever price we buy from the BDCs, we will surely sell it at the pumps,” he said.

Dr Oppong said the chamber had received complaints from several members about sharp increases in the prices quoted by bulk distributors during the current selling window.

“What is worrying, and I will say it authentically, is when you have huge price thresholds at the trading level,” he stated.

He explained that Ghana’s petroleum pricing framework follows a bi weekly cycle, with the present window running until March 15. According to him, the fuel currently being sold was priced and imported before the Middle East conflict escalated.

“For this window from March 1 to the 15th, the products had been priced prior to entering this particular bi weekly window. Even if there should be any effect of pricing, it should take effect from the 15th of March,” he explained.

Dr Oppong said some suppliers were already quoting significantly higher prices to oil marketing companies, a move he described as unacceptable.

“This morning I have some of my members complaining that seven is selling at ten,” he said, referring to the price changes being reported within the ongoing selling window.

“We are in a selling window. That is not acceptable. Nobody imported crude oil products at the time when this war started.”

He warned that such price increases contradict Ghana’s petroleum pricing policy and could undermine efforts to shield consumers from unnecessary fuel cost hikes.

“That artificial increase or professional selling by the BDCs is what we are discussing now because it is not organic. It is against the pricing policy we have in this country,” he added.

Dr Oppong also commended the National Petroleum Authority for quickly engaging industry players on the matter, urging the regulator to prevent attempts by some suppliers to take advantage of global tensions.

“Otherwise, we at the OMC level would be forced to increase our prices this week, which is not the right thing to do,” he cautioned.

Meanwhile, an energy analyst at Ghana’s Ministry of Energy, Yussif Sulemana, said the country was not facing an immediate threat to fuel availability despite the tensions in the global oil market.

Speaking in the same interview on March 9, Dr Sulemana said Ghana currently has about five to six weeks of petroleum product stocks nationwide, with additional shipments expected to boost supply levels.

“We are already aware that we have between five to six weeks of stock available nationwide,” he said.

He added that incoming shipments could significantly extend the supply period.

“If these ships are discharged, we can have maybe like 10 weeks,” he explained.

According to him, the immediate concern for policymakers is not supply shortages but the potential rise in fuel prices if global crude oil prices continue to climb.

“We are not immediately threatened by supply availability. What we are immediately threatened with will be the price,” he said.

Global oil prices have recently crossed the 100 dollar mark, raising concerns among analysts that sustained increases could push domestic fuel prices higher.

Dr Sulemana said the government was closely monitoring the situation and could adopt several policy responses, including allowing market forces to determine prices, introducing subsidies to cushion consumers, or strengthening local refining capacity.

“All the three options are available and the government is ready to reactivate all the options,” he said.

He added that in the long term, authorities are working to strengthen Ghana’s refining and storage capacity, including efforts to revive the Tema Oil Refinery and expand national fuel storage infrastructure.

“We want to be able to link the upstream to the downstream,” he noted, referring to plans to integrate crude oil production with domestic refining and fuel distribution.

For now, he said the government’s priority remains maintaining stable fuel supplies while managing rising price pressures.

The Ghana Stock Exchange recorded a landmark performance on Wednesday, as its benchmark Composite Index crossed the 14,000 mark for the first time in history.

At the close of the 7,166th trading session on March 4, 2026, the GSE Composite Index rose by 270.78 points to settle at 14,005.32. The Financial Stocks Index also advanced strongly, gaining 309.94 points to close at 8,805.87.

Market capitalisation climbed to GH¢256.75 billion, up from GH¢251.02 billion recorded the previous day, reflecting sustained investor participation across the market.

A total of 3,583,308 shares were traded during the session, with a combined value of GH¢39.82 million. Although trading volume was lower compared to earlier sessions in the week, the total value represented the highest single day turnover recorded so far this week.

Banking Stocks Lead Market Gains

Banking equities accounted for much of the day’s momentum.

GCB Bank PLC posted one of the strongest gains, rising by GH¢4.52 to close at GH¢49.80. The bank recorded 441,752 shares traded, contributing nearly GH¢22 million to the total value of shares exchanged.

Standard Chartered Bank Ghana PLC added GH¢4.72 to close at GH¢51.96, while Ecobank Ghana PLC closed unchanged at GH¢57.00, with 24,534 shares traded.

Other financial stocks also recorded gains. Enterprise Group PLC rose by GH¢0.80 to GH¢9.00, while Ecobank Transnational Inc. gained GH¢0.13 to close at GH¢1.55.

However, Societe Generale Ghana PLC declined by GH¢0.11 to close at GH¢11.40, making it the only actively traded stock to record a loss during the session.

Telecommunications and Energy Counters Advance

Scancom PLC, operators of MTN Ghana, remained the most actively traded stock. The counter rose by GH¢0.02 to close at GH¢5.80, with 1,968,543 shares exchanged, valued at over GH¢11.4 million. The stock’s closing bid and offer prices indicated sustained demand ahead of its upcoming dividend payment.

In the energy and insurance sectors, Ghana Oil Company Limited advanced by GH¢0.52 to GH¢5.77, while SIC Insurance Company PLC gained GH¢0.29 to close at GH¢4.90.

Republic Bank Ghana PLC increased by GH¢0.11 to GH¢2.73, and Atlantic Lithium Ltd rose by GH¢0.12 to GH¢6.52. Benso Palm Plantation PLC edged up marginally by GH¢0.01 to close at GH¢74.01.

Broader Market Performance

Several listed equities recorded no price changes during the session, including AngloGold Ashanti PLC, Guinness Ghana Breweries PLC, TotalEnergies Marketing Ghana PLC, and Unilever Ghana PLC, among others.

Since the beginning of the year, the Composite Index has recorded a cumulative gain of 59.69 percent, while the Financial Stocks Index has returned 89.49 percent. Wednesday’s performance marked the eighth consecutive trading session of gains for the benchmark index, as market observers monitor the 14,500 point level as the next key threshold.