The Chamber of Petroleum Consumers (COPEC) has raised concerns about fuel prices at Ghanaian pumps shooting up further as global fuel prices also rise.
The Executive Secretary of COPEC, Duncan Amoah, has therefore cautioned authorities in the petroleum sector to take precautionary measures or risk fuel prices crossing the GH¢8 mark at the pumps in the first pricing window of March.
COPEC’s warning follows a full scale invasion of Ukraine by Russian military forces since Russia is the third largest oil producer and also the second largest oil exporter and experts fear the tensions would affect oil production.
Reports indicate that a barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, jumped 7.3% to $103.9 a barrel just before 10 am GMT on Thursday, the highest level since July 2014.
Duncan Amoah, in a Citi Business News interview, expressed worry that things could worsen as a result of Russia’s assault on Ukraine.
He noted supply of petroleum products would be affected however, the demand may continue to increase thus causing prices to shoot up.
He said that should bombings continue into the weekend, oil would cross $110 a barrel and if the tensions between the two states don’t cease soon “I can safely see fuel crossing GH¢8.50 per litre at Ghanaian pumps by March 1, 2022,”
