Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has warned that the ongoing hostilities in the Middle East will significantly impact the next shipments, leading to higher prices at the pumps.
This comes in the wake of assurances from the National Petroleum Authority that the tensions may not affect the current fuel supply.
Speaking on JoyNews’ The Probe on Sunday, March 1, Mr Amoah explained that while Ghana currently has enough stock, private traders are already factoring the crisis into their pricing decisions for future cargoes.
“If I was a trader and I woke up tomorrow to have to put stock on the market, I would definitely bear in mind the fact that these hostilities or tensions prevailing within the Middle East could affect the next cargo containment that I get down here,” he stated.
This comes as global crude prices have already surged past $91 per barrel following the blockade of the Strait of Hormuz, a critical transit route for about 22% of the world’s oil supply.
The price spike from the previous $67–69 range represents over a 30% jump in just 24 hours.
Amoah noted that the situation remains “fluid” and warned that if the conflict persists, crude could hit $100 per barrel, exerting renewed pressure on domestic pump prices.
He also raised concerns about Ghana’s lack of strategic reserves, noting that the country depends entirely on stocks held by private Bulk Distribution Companies (BDCs).
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Source: www.myjoyonline.com
