No African president has control over global oil benchmark prices — COMAC CEO

The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has underscored the unpredictability of global oil benchmark prices.

The industry expert stated that no African leader has control over their determination.

His comment comes amid anxiety over possible fuel price hikes following escalating tensions in the Middle East, particularly around the Strait of Hormuz after reported coordinated military strikes involving the United States and Israel in Iran.

Many consumers have raised concerns that the situation could reverse Ghana’s relatively stable fuel prices recorded since 2025.

Speaking on Accra-based GHOne TV’s State of Affairs on Monday, March 16, Dr. Oppong explained that global shocks and geopolitical tensions largely dictate petroleum pricing.

“We go with the international benchmark prices, and like I said, you and I have no control over the international benchmark prices, not even any African president,” he said.

He cautioned against politicising fuel price discussions, stressing that external factors have consistently influenced global oil markets over the years.

“These are functions that you and I have no control over. Nobody could arrest price—you can’t. So let’s not politicise this thing,” Dr. Oppong stated.

He further noted that while global developments remain uncertain, Ghana may see moderate adjustments if current trends persist.

According to him, unless there is significant depreciation of the cedi, any increase in fuel prices within the next pricing window is unlikely to exceed 10 percent.