The Executive Secretary of COPEC, Duncan Amoah has predicted that Ghanaians could end 2024 with higher fuel prices.
This he claims could be the case should the tension in the Middle East continue to escalate and the cedi further depreciates.
Speaking interview with Citi Business News Duncan Amoah said, “You could end up paying more than you currently are paying because the Cedi is still depreciating. Israel, Hezbollah, Hamas…the triangle, whatever tensions if they escalate, will simply mean the supply side will be hampered and then demand at this time of the year is likely to surge”.
He added saying, “So if demand should go up due to manufacturing and aviation systems connecting, then the expectation will be that global prices or international market prices will go up”.
Duncan Amoah indicated that the gold for oil policy by Dr. Bawumia cannot mitigate against the expected price hikes.
