Motorists in Ghana could soon see fuel prices changing almost every day instead of every two weeks, following a shift by Bulk Oil Distribution Companies (BDCs) to spot pricing for petroleum products. The change is driven by rising volatility on the international oil market.
The development means Oil Marketing Companies (OMCs) may increasingly adjust pump prices in response to significant global price movements, rather than waiting for the traditional pricing windows on the 1st and 15th of each month.
This comes after weeks of frequent pump price increases by several OMCs, with some revising their prices two or even three times since the July 16, 2026 pricing window. Industry players say the adjustments reflect sharp increases in international fuel prices and fluctuations in the exchange rate.
Chief Executive of the Chamber of Bulk Oil Distributors, Dr Kweku Ofori, told JoyBusiness that the industry’s pricing model has fundamentally changed due to the unpredictability of the global crude oil market.
According to him, most BDCs now use spot pricing when selling petroleum products to OMCs, while others rely on daily pricing triggers when purchasing products from international oil trading companies. He explained that the shift is likely to move the downstream petroleum market away from the long-established fortnightly pricing regime.
“The move has been influenced by volatility in crude prices on the world market,” Dr Ofori said, adding that the industry could now be “moving away from prices reviewed by the oil marketing companies every two weeks to every day.”
Addressing concerns over the recent wave of mid-window price increases, Dr Ofori insisted that the adjustments comply with existing regulations.
“It is absolutely justified. BIDECS and OMCs are allowed to adjust their prices during the window. The OMCs only need to justify their price adjustment to the National Petroleum Authority.”
In a Facebook post on July 24, Star Oil Chief Executive Philip Tieku said international fuel prices had surged sharply since the current pricing window began.
“World market prices of gasoline have increased by nearly 20%, while diesel prices have risen by approximately 25%.”
He added that the Ghana cedi had also weakened against the US dollar during the same period, increasing the cost of imports. According to Mr Tieku, many OMCs are revising prices before August 1 because most petroleum products are bought on a daily cash-and-carry basis, meaning every new consignment is priced using prevailing international petroleum prices and the current exchange rate.
He said the adjustments are necessary to prevent arbitrage opportunities in the market.
Another major oil marketing company, which declined to be named, also defended the practice, saying the National Petroleum Authority’s guidelines permit pump price adjustments whenever ex-refinery prices rise within a pricing window. The company explained that BDCs are now reviewing ex-refinery prices daily because of rising international prices, leaving OMCs with little choice but to pass the increases on to consumers.
The company, however, assured consumers that any future reductions in international prices would be reflected at the pumps without delay.
It remains unclear what position the National Petroleum Authority will take on the industry’s growing shift towards daily fuel price adjustments, a move that could fundamentally change how motorists experience fuel pricing in Ghana.
Editor:
Obiri-Yeboah
