Fuel prices in Ghana could climb to as much as GH¢17 per litre if the ongoing tensions in the Middle East continue to escalate, the Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Riverson Oppong, has cautioned.
Thank you for reading this post, don't forget to subscribe!Speaking in an interview with JoyBusiness on Monday, March 9, Dr. Oppong explained that the conflict involving Israel, Iran and the United States is creating uncertainty in global oil markets, which could significantly increase crude oil prices.
According to him, if the tensions do not ease within the next few days, the price of crude oil on the international market could rise sharply.
“If the situation does not calm down by Wednesday, crude prices could reach around $110 to $120 per barrel,” he said.
Ghana relies heavily on imported petroleum products. These are brought into the country by Bulk Distribution Companies and then supplied to Oil Marketing Companies, which sell fuel to consumers at filling stations across the country.
Dr. Oppong noted that when global oil prices increase, the cost of importing fuel also rises, and this eventually leads to higher prices at the pump.
Based on current market indicators and trading prices from distributors, he indicated that local fuel prices could soon exceed GH¢15 per litre and may even approach GH¢17, depending on the pricing structure of individual filling stations.
He added that the potential price surge would not only affect African countries but could also have economic consequences in regions such as Asia, Europe and Australia.
The warning comes as the conflict in the Middle East intensifies, raising concerns about possible disruptions to global oil supply routes. The region is home to several of the world’s largest oil producers, making it a critical hub for global energy supply.
One of the key concerns for the global oil market is the security of the Strait of Hormuz, a strategic shipping route through which about one-fifth of the world’s oil supply passes each day.
Any disruption in that corridor could cause immediate spikes in crude oil prices worldwide.
Dr. Oppong stressed that Ghana is particularly vulnerable to such developments because it is a net importer of refined petroleum products.
He urged the public not to politicise the situation, noting that Ghana has no involvement in the conflict but must deal with its economic consequences.
“This is not something Ghana caused. But as a country that imports energy, we will inevitably feel the effects,” he said.
He pointed out that the impact of rising oil prices is already being seen in other parts of the world. Countries such as the United Kingdom have recorded significant increases in petrol and diesel prices as global crude costs rise.
The possible increase in fuel prices could have widespread implications for Ghana’s economy. Higher fuel costs often lead to increased transport fares, rising food prices and higher production costs for businesses.
Economists warn that sustained fuel price hikes could also complicate efforts by the Bank of Ghana to control inflation and maintain economic stability.
Industries that rely heavily on transportation, including logistics companies, manufacturers and public transport operators, are likely to face the greatest pressure from rising fuel costs.
Despite the concerns, Dr. Oppong called for calm and encouraged policymakers to carefully monitor the global situation while coordinating measures that could help cushion the impact on the economy if the crisis continues.
Analysts say the direction of fuel prices in Ghana will largely depend on how quickly tensions in the Middle East subside and whether global oil markets stabilise in the coming weeks.
Until then, industry players warn that Ghanaians could soon face significantly higher fuel prices if the geopolitical crisis persists.