COPEC Warns of Potential Fuel Price Hikes Due to Israel-Hamas-Hezbollah Conflict

The Chamber of Petroleum Consumers (COPEC) has cautioned that Ghana may face significant fuel price increases before the end of 2024 if the ongoing conflict between Israel, Hamas, and Hezbollah worsens. Combined with the depreciation of the Ghanaian cedi, these geopolitical tensions could negatively impact fuel costs.

This warning follows recent price adjustments by Oil Marketing Companies (OMCs), with Shell increasing the price of petrol (FuelSave Super) from GH¢13.49 to GH¢13.79 per litre and diesel (FuelSave Diesel) from GH¢13.99 to GH¢14.35 per litre. These increases have caused concern among consumers, who are already struggling with the rising cost of living.

COPEC’s Executive Secretary, Duncan Amoah, emphasized that if the conflict escalates, the supply of fuel may be affected, leading to higher demand and surging global prices.

He also noted that Ghana’s “gold for oil” policy is unlikely to cushion the country against these anticipated hikes, as the cedi continues to weaken. Amoah stated that Ghanaians should prepare for further price increases as 2024 comes to a close.