The Chamber of Petroleum Consumers (COPEC) has cautioned that Ghana may see rising fuel prices as a result of the ongoing Israel-Hamas-Hezbollah conflict and the continued depreciation of the cedi.
Speaking to Citi Business News, COPEC’s Executive Secretary, Duncan Amoah, highlighted that geopolitical tensions in the Middle East could disrupt supply chains and drive global fuel prices higher, while Ghana’s “gold for oil” policy is unlikely to shield consumers from the increases.
Further, he explained that increased industrial demand, combined with a weakening dollar, is likely to push fuel prices higher by year’s end.
Following recent hikes in fuel prices by Oil Marketing Companies (OMCs) in October after a period of declines, concerns are mounting about the burden on consumers already facing the challenges of a high cost of living.
SOURCE:Citinewsroom
