The Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has cautioned that while fuel prices in Ghana remain stable for now, ongoing conflict between Iran and Israel could soon drive up global oil prices and eventually affect the domestic market.
Nana Amoasi VII noted that current pump prices are expected to hold steady, with even a slight reduction possible in the short term.
“We don’t anticipate any immediate increases in domestic fuel prices. In fact, some marginal drops may occur in the coming days, but this could be short-lived if global prices continue their sharp rise,” he said.
He warned that if Middle East tensions persist, Ghanaians should brace for potential fuel price hikes within the next two weeks.
“We are enjoying some stability now, but we must prepare for the possibility of increases,” he said.
Despite the risks, Nana Amoasi expressed cautious optimism, suggesting that any diplomatic breakthrough could help ease pressure on the oil markets.
Meanwhile, the Chamber of Oil Marketing Companies (COMAC) has echoed a similar view, stressing that global price changes do not reflect instantly at the pumps in Ghana.
COMAC CEO, Dr. Riverson Oppong, explained, “There’s a delay between global price shifts and local pump prices. Even though international prices spiked over the weekend, we don’t expect an immediate impact here.”
He added, “For now, prices will remain relatively stable because most OMCs are selling from existing stock or based on earlier pricing agreements.”
Both IES and COMAC urge consumers to remain vigilant, as developments in the Middle East could have delayed but significant effects on Ghana’s fuel market.
