The Chamber of Petroleum Consumers (COPEC) has issued a stark warning about potential fuel price increases in Ghana by the end of 2024.
The organization attributes this forecast to escalating tensions in the Middle East and the continued depreciation of the Ghanaian cedi.
Following a series of price declines in previous pricing windows, several Oil Marketing Companies (OMCs) have recently raised fuel prices in October.
For example, Shell has increased the price of its FuelSave Super petrol from GH¢13.49 to GH¢13.79 per liter. Similarly, FuelSave Diesel has seen a price hike from GH¢13.99 to GH¢14.35 per liter.
These price adjustments have added to the financial burdens of consumers already grappling with the high cost of living.
According to Duncan Amoah, the Executive Secretary of COPEC, the ongoing geopolitical tensions in the Middle East, particularly between Israel, Hamas, and Hezbollah, could lead to disruptions in global oil supply.
These disruptions, coupled with increased demand, could drive up international fuel prices.
Amoah expressed concerns that Ghana’s gold for oil policy may not be sufficient to mitigate the impact of rising fuel costs, especially given the continued depreciation of the cedi.
He warned that Ghanaians could face higher fuel prices by the end of the year if the situation in the Middle East deteriorates.
