The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has attributed recent fuel price increases to rising international oil market prices and global supply disruptions.

He rejected claims that new government taxes or levies were responsible for the latest increases at the pumps, saying the main drivers were external market pressures.

Speaking on theAsaase Breakfast Show on Tuesday (28 July), Dr Oppong said geopolitical tensions, particularly disruptions linked to conflicts in the Middle East, had pushed international benchmark prices higher.

“Because of the distortions, they are unable to evacuate those vessels, and we have seen how much oil prices have moved from $70 to $80. That percentage is huge,” he said.

He explained that Ghana’s fuel prices are largely influenced by international benchmark prices, exchange rates and conversion factors.

According to him, apart from the Energy Sector Shortfall and Daily Payment Levy introduced earlier, no additional fuel tax has been introduced to account for the current increases.

Dr Oppong said oil marketing companies had previously absorbed some increases using their margins to protect consumers but warned that the industry could no longer sustain that approach.

“We have been taken for granted. We have been thinking about consumers, consumers, consumers. A time will come the consumer will not have petrol to buy because the industry will collapse,” he said.

He also defended oil marketing companies against criticism over rising pump prices, saying businesses could not continue absorbing increasing costs from bulk distribution companies.

On calls for the government to suspend the levy, Dr Oppong said any decision must consider where alternative revenue would come from.

He argued that regardless of whether the cost is reflected through fuel prices or electricity tariffs, consumers ultimately bear the burden.

Dr Oppong also supported discussions around local refining but cautioned that locally produced fuel would still be influenced by international market prices.

He said Ghana must develop a clear framework for blending locally refined products with imported fuel to ensure consumers benefit from local production.