Fuel prices could hit GH¢17 if Middle East crisis persists -COMAC.

The Chamber of Oil Marketing Companies (COMAC) has warned that fuel prices in Ghana could rise sharply and reach about GH¢17 per litre if the ongoing tensions in the Middle East continue.

According to Chamber of Oil Marketing Companies (COMAC), the escalating conflict in the Middle East has already begun affecting global crude oil markets, creating uncertainty that could push petroleum prices higher in the coming weeks.

Industry officials say crude oil prices on the international market are reacting to the geopolitical tensions, particularly the conflict involving Israel and Iran. If the situation worsens or drags on, it could significantly impact countries that depend heavily on imported petroleum products, including Ghana.

COMAC explained that Ghana’s fuel pricing structure is closely linked to global crude oil prices and exchange rate movements. Any sustained increase in international oil prices or a weakening of the Ghanaian cedi could therefore translate directly into higher pump prices.

The Chamber noted that although local fuel prices are reviewed periodically, continued instability in the Middle East could force oil marketing companies to adjust prices upward in the coming pricing windows.

Energy analysts say a potential rise to GH¢17 per litre would place additional financial pressure on households and businesses, especially in the transport and logistics sectors where fuel costs significantly influence the price of goods and services.

Despite the concerns, COMAC urged consumers not to panic, stressing that the final outcome will depend largely on how the geopolitical situation develops and how global oil markets respond in the coming weeks.

Authorities in Ghana are expected to continue monitoring the situation closely as government and industry players assess possible measures to cushion consumers should fuel prices surge further.