Fuel prices could change daily as Bulk Oil Distributors abandon fixed pricing model

Bulk Oil Distribution Companies (BDCs) shifted to spot pricing for petroleum products, a move driven by rising volatility on the international oil market. This change 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. Dr. Kweku Ofori, Chief Executive of the Chamber of Bulk Oil Distributors, stated that the industry's pricing model has fundamentally changed due to the unpredictability of the global crude oil market. He added that the industry could now be "moving away from prices reviewed by the oil marketing companies every two weeks to every day."

The development follows 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 attribute these adjustments to sharp increases in international fuel prices and fluctuations in the exchange rate. Dr. Ofori explained that the shift is likely to move the downstream petroleum market away from the long-established fortnightly pricing regime. He insisted that the recent wave of mid-window price increases comply with existing regulations, stating, "It is absolutely justified. BIDECS and OMCs are allowed to a..."