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By: Paakhwesi Faith
Rising Middle East Tensions: COPEC Warns Fuel Prices Could Rise Above GH¢15 Per Litre in Ghana
The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices in Ghana could rise in the coming pricing window as escalating tensions in the Middle East continue to push global crude oil prices upward.
According to the chamber, instability in key oil-producing regions has begun to affect the international petroleum market, a development that could have a direct impact on pump prices across Ghana.
COPEC explained that the Middle East remains a major hub for global crude oil supply, and any geopolitical tensions in the region often trigger price volatility in the global market. These fluctuations are typically reflected in local fuel prices due to Ghana’s dependence on imported petroleum products.
The consumer advocacy group urged government authorities and industry players to closely monitor developments in the international oil market to mitigate the potential impact on consumers.
Fuel prices in Ghana are reviewed every two weeks by oil marketing companies, and changes in global crude prices, exchange rates, and other market factors influence the final pump price.
COPEC has therefore cautioned motorists and transport operators to prepare for possible adjustments if global crude prices continue to rise.
The chamber indicated that if current global trends persist, petrol and diesel prices could rise above GH¢15 per litre in the next pricing window, placing additional pressure on households and businesses.
The warning comes amid growing concerns that further instability in the Middle East could disrupt supply chains and push fuel costs higher across many countries, including Ghana.
Despite the warning, COPEC noted that the exact adjustment will depend on movements in the international market and the performance of the Ghana cedi against major trading currencies in the coming days.
Source:Locotvgh.com