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According to the Chamber of Petroleum Consumers (COPEC), if Middle East tensions continue to rise and the cedi continues to weaken, Ghana may have much higher gasoline costs by the end of 2024.
This caution follows persistent drops in fuel prices over the course of four pricing windows, which prompted certain Oil Marketing Companies (OMCs) to raise fuel prices in the first pricing window of October.
Shell is presently retailing fuel (FuelSave Super) for GHS 13.79 a liter, down from GH¢13.49 per litre during the second price window of September.
FuelSave Diesel, a diesel product that was once sold for GHS 13.99 a liter, is now available for GHS 14.35.
Customers already struggling with the high expense of living are becoming increasingly alarmed by the most recent round of hikes.
In an interview with Citi Business News on Wednesday, October 2, COPEC Executive Secretary Duncan Amoah stated that the ongoing geopolitical tensions between Israel, Hamas, and Hezbollah in Lebanon could have a cascading effect on Ghana, with consumers anticipating to cough up over extra cash and spend more to fill up their tanks.
According to Duncan Amoah, the gold for oil proposal is powerless to avert the anticipated price increases.
“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.
“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.
“Unfortunately for us in Ghana, we don’t have any safety nets to cushion us if they do. From where we sit, there is the possibility that Ghanaians may end the year paying a little more for fuel.”
Source: Ghanatodayonline.com
