Collins Adomako-Mensah, the Deputy Ranking Member on Parliament’s Energy Committee and Member of Parliament for Afigya Kwabre North has stated the Iran-Israel war will have a toll on Ghana’s oil prices.
According to the member of parliament, Ghana does not live on an island and hopes peace is brought to reign.
He noted that the Iran-Israel war caused a lot of disruption to international travel.
Speaking on Channel One Newsroom, Collins Adomako-Mensah stated, “We don’t live in an island. I mean these are two powerhouses. Yesterday, just because of this, there was a lot of disruption to international travel. These are two oil-solution countries, and it is definitely going to have a toll on our oil prices.”
“I am just hoping that, as quickly as possible, peace is brought to reign. Otherwise, we should brace ourselves for very tough times ahead,” he said.
Meanwhile, Fuel prices are still stable in the second pricing window of June despite the Israel-Iran war.
According to the Chamber of Oil Marketing Companies (COMAC), the geopolitical tensions in the Middle East are unlikely to have an immediate impact on fuel prices at the local pump.
Dr. Riverson Oppong, the Chief Executive Officer of COMAC stated, “Despite fuel prices going up over the weekend because of the Iranian-Israeli war, you realize that our forecast does not in any way capture those movements.
This is the reason why I say that when fuel prices are going up, we do not see the effect immediately on pump prices in this country”.
“It is the same thing when it is going down—we should not expect fuel prices hit our prices immediately because it takes time for the landing prices to be changed.
“For this week, we are going to have cool prices at the pump level because we are going to sell old stocks or people who have locked in products and paid for it already or may have signed some commercial agreement,” he stated.
Meanwhile, the Government has temporarily suspended the new petroleum levies that were scheduled to take effect today 16th June 2025.
Richmond Rockson, the Ministry’s spokesperson and Head of Communication revealed that the temporary suspension is due to the recent instability in global oil prices.
