Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has stated that fuel prices are likely to rise in July due to the ongoing conflict between Iran and Israel deepened by recent U.S. airstrikes on Iranian nuclear sites.
Iran‘s Strait of Hormuz transports about 20% of the world’s oil and gas, with Iran now threatening to close it down, which could disrupt supply and cause price volatility.
COPEC detailed that Ghanaians should expect an upward adjustment in fuel prices in July.
Speaking on Citi Business News, Duncan Amoah detailed, “This week is likely to see a lot of activity on the international front as far as fuel pricing or petroleum pricing is concerned, and Ghana clearly cannot be excused from the possibility of paying more for fuel.
What I see happening locally is that the BDCs may take a cue knowing well that it is riskier landing cargo than it was a week before due to the tensions on the strait and so I will not be surprised that in the course of the week, some BDCs will adjust their prices upwards and once that happens some of the OMCs will clearly have to follow because they buy directly from the BDCs,” he said.
He added, “Anytime crude oil prices go up, the net effect on prices of finished petroleum products is usually felt between 5-7 days and I am sure this new week prices globally as far as Platt is concerned would not come funny and so whatever the oil marketing companies should decide for the first window July to do…will probably need to be justified but I do think that clearly, Ghanaians should expect an upward adjustment in fuel prices due to the geopolitical across the Middle East,” he added.
Meanwhile, Godwin Edudzi Tameklo, the acting CEO of the National Petroleum Authority (NPA) has stated Ghana has enough fuel stock to last the country beyond two months.
He assured Ghanaians that the NPA has sufficient fuel reserves amidst the ongoing global wars.
According to Godwin Edudzi Tameklo, Ghana holds over 200 million litres of petrol and 150 million litres of diesel in reserve.
Speaking during a briefing with the Parliamentary Select Committee on Energy at Senchi on Saturday, the acting NPA CEO stated, “I can assure the good people of Ghana that we have enough stock to last us beyond two months, and with all the ongoing efforts, we are confident that there will be no supply disruptions”.
He further stated that Nigeria’s Dangote Refinery was producing substantial volumes of petrol and diesel that would aid Ghana’s national demand.
Godwin Edudzi Tameklo also revealed that vessels carrying petroleum products were already within Ghanaian waters.
