IES Warns of Imminent Fuel Price Hike Despite Ghana’s Current Market Stability

The Institute for Energy Security (IES) has issued a cautionary forecast, warning that fuel prices in Ghana could rise within the next two weeks, despite the current stability at the pumps. This follows rising geopolitical tensions in the Middle East, particularly renewed hostilities between Iran and Israel, which have begun to push global oil prices upward.

Speaking in an interview IES Executive Director Nana Amoasi VII said although Ghanaian consumers are unlikely to experience immediate price shocks, the ripple effects from the global petroleum market may soon be felt.

“Currently, we do not expect to see any price increases on the domestic market, as the prices determined over the last two weeks remain in effect today,” he noted.

He added that Ghanaians might even benefit from a short-term price dip.

“We are going to experience some stability or some drop in fuel prices from today going forward. However, because prices have started skyrocketing on the global market, means that we must get ready for a possible hike in the next two weeks.”

Cautioning that Ghana has limited control over global events, he emphasized the need for prudence and hope;

“For how long this will stay and how we can manage, we have little to do to change the narrative out there. So, we can only pray that God will intervene.”

The Chamber of Oil Marketing Companies (COMAC) has echoed a similar sentiment, affirming that recent price surges on the international market will not immediately impact local fuel prices.

COMAC CEO Dr. Riverson Oppong explained the time lag in pricing transmission;

“Despite fuel prices going up over the weekend because of the Iranian-Israeli war, you realize that our forecast does not in any way capture those movements.”

“It is the same thing when it is going down we should not expect fuel prices to hit our prices immediately because it takes time for the landing prices to be changed,” he said.

While consumers may enjoy brief relief at the pump, both IES and COMAC agree the situation is fluid and highly dependent on geopolitical developments. Should tensions escalate or persist, a corresponding upward adjustment in local prices appears inevitable.

Still, IES’s Nana Amoasi VII remains cautiously optimistic, “Prices may drop if negotiations between the two parties are enhanced.”

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