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The (COPEC) has projected that fuel prices in Ghana could rise to between GH¢17 and GH¢18 per litre in the first pricing window of April.
According to COPEC’s Executive Secretary, , the anticipated increase is being driven by escalating geopolitical tensions in the Middle East, which are disrupting global supply chains and pushing crude oil prices higher.
Speaking to Citi Business News, he explained that while Ghana may experience some short-term stability due to existing fuel stocks, the situation could worsen in the coming months if global supply challenges persist.
He noted that current stability is partly due to major economies releasing reserve stocks, a measure he says cannot be sustained indefinitely.
Risk of supply disruptions
COPEC warned that disruptions to shipping routes, particularly through the , have tightened global supply and increased price volatility. Brent crude prices have already surged past $100 per barrel at some point, raising concerns about further increases.
Duncan Amoah cautioned that the real impact could be felt more strongly by May if supply constraints continue to affect fuel imports into Ghana.
Call for urgent action
COPEC is urging government to take proactive steps, including building strategic fuel reserves through the (BOST), to cushion the country against potential shocks.
He also suggested that contingency funding be considered to help maintain fuel prices within the GH¢13–GH¢15 range, rather than allowing them to escalate further.
“If nothing is done, we could see prices hit GH¢17 or GH¢18 in the next pricing window,” he warned.
The projection highlights growing concerns about the impact of global energy market instability on Ghana’s economy and the cost of living.
