The Chamber of Petroleum Consumers (COPEC) has warned that fuel prices may increase during the first pricing window of July due to escalating tensions in the Middle East.
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The warning follows recent U.S. airstrikes on three Iranian nuclear sites, sparking fears of disruptions to global oil supply. COPEC says the possibility of Iran shutting the Strait of Hormuz, a vital route for 20% of the world’s oil, could trigger a price surge.
Speaking to Citi Business News, COPEC Executive Secretary Duncan Amoah said Ghana’s Bulk Distribution Companies (BDCs) might adjust prices upwards as global risks increase, which would then affect Oil Marketing Companies (OMCs).
“We cannot rule out price hikes this week. The Strait of Hormuz is under threat, and importing oil has become riskier. BDCs may raise their prices, and OMCs will likely follow,” he said.
Amoah added that while the second pricing window in June offered some relief, Ghanaians should not expect the same in July.
“Crude oil price increases usually reflect in finished products within 5–7 days. We expect global benchmarks like Platts to trend upward this week,” he noted.
COPEC is calling on policymakers to track global developments closely and adopt measures to protect consumers.
Meanwhile, Amoah praised the government for suspending the planned GH¢1 increment under the Energy Sector Shortfall and Debt Repayment Levy (ESSDRL). He also urged authorities to expedite the revival of the Tema Oil Refinery (TOR), which is expected to resume operations by October 2025.
