The Chamber of Petroleum Consumers (COPEC) has cautioned that Ghanaian consumers may soon face higher fuel prices as geopolitical tensions escalate in the Middle East, threatening global crude oil supply routes.
COPEC’s Executive Secretary, Duncan Amoah, warned that the first pricing window of July is likely to bring upward adjustments in pump prices due to developments in the Gulf region.
“This week is likely to see a lot of activity on the international front as far as petroleum pricing is concerned.
“Ghana clearly cannot be excused from the possibility of paying more for fuel.”
Duncan Amoah, COPEC’s Executive Secretary
He emphasized that recent military escalations notably U.S. airstrikes on Iranian nuclear facilities and Israel-Iran hostilities are already sending shockwaves through the global oil market, with ripple effects expected to hit fuel-importing nations like Ghana.
The Strait of Hormuz, a vital global energy transit route that handles nearly 20% of the world’s oil shipments, has again come under threat, as fears grow that Iran might restrict its access in retaliation.
This has raised major concerns over oil supply disruptions, which could push Brent crude prices toward $100 per barrel a scenario analysts say would have direct consequences on local pump prices.
“What I see happening locally is that the BDCs [Bulk Distribution Companies] may take a cue, knowing well that it is riskier landing cargo than it was a week ago due to the tensions on the Strait.
“I will not be surprised that in the course of the week, some BDCs adjust their prices upwards.”
Duncan Amoah, COPEC’s Executive Secretary
Mr. Amoah added, “Once that happens, some of the OMCs [Oil Marketing Companies] will clearly have to follow.”
COPEC noted that while Ghanaian motorists benefitted from price reductions during the second pricing window of June, a reversal is almost certain in the coming weeks.
“Anytime crude oil prices go up, the net effect on prices of finished petroleum products is usually felt between five to seven days.
“I am sure this new week prices globally, as far as Platt is concerned, would not come funny.”
Duncan Amoah, COPEC’s Executive Secretary
He cautioned, “Ghanaians should expect upward adjustment in fuel prices due to the geopolitical tensions across the Middle East.”
Domestic Response
Despite the gloomy global forecast, COPEC praised the government for its recent decision to suspend the GH¢1 Energy Sector Shortfall and Debt Repayment Levy (ESSDRL).
“Government’s suspension of the GH¢1 tax was timely and commendable. It provided some breathing space for consumers already struggling with high living costs.”
Duncan Amoah, COPEC’s Executive Secretary
However, COPEC urged policymakers to move beyond temporary fixes and address structural vulnerabilities in Ghana’s fuel supply chain.
Mr. Amoah reiterated the Chamber’s longstanding call for the revival of the Tema Oil Refinery (TOR), which has remained largely inactive for years due to debt, mismanagement, and technical challenges.
“Getting TOR back on its feet is more than an economic imperative, it’s a strategic one.
“Local refining would reduce import dependency, insulate us from some of the international shocks, and enhance energy security.”
Duncan Amoah, COPEC’s Executive Secretary
Management of TOR has indicated that full operations could resume by October 2025, as part of a broader recovery plan aimed at restoring Ghana’s refining capabilities.
COPEC welcomed this timeline but is urging transparency and stakeholder involvement to ensure its success.
As oil traders brace for the fallout of the Iran-Israel standoff, COPEC called on government agencies and regulators to remain vigilant, monitor international price movements, and adopt proactive mitigation measures to protect consumers.
Mr. Amoah insisted, “Ghanaians cannot be made to bear the full brunt of external conflicts.” With the July pricing window fast approaching, the Chamber’s warning is a reminder of how interlinked global events are with local economic realities.
READ ALSO: Mastercard and Access Bank Unveil Innovative Age-Segmented Card to Empower Ghana’s Youth
