As tensions continue to escalate in the Middle East between Israel and Iran, Duncan Amoah, the Executive Director of the Chamber of Petroleum Consumers (COPEC), has raised fears about a potential surge in global oil prices.
Speaking exclusively to Johnnie Hughes on 3FM Sunrise on June 23, Mr. Amoah noted that any further instability in the region, a key hub for global oil supply, could significantly disrupt oil production and transportation, leading to higher prices on the international market.
This development, he said, would inevitably affect Ghana, which imports petroleum products.
“If the Strait of Hormuz, which sits just a few kilometres from Iran’s northern borders, is to be closed or attacked, even the threat of closure should be anything to go by, then international cargo prices are likely to skyrocket in no time.” He stated.
Duncan Amoah also expressed worry over the government’s failure to put in some proactive measures to salvage the situation.
“We are in for a rough patch and some instability as far as the global commodity pricing space is concerned, especially for petroleum. And that for Ghana should even be more worrying because, as you probably heard, our buffers are all down as we speak. There is nothing to cushion you and me if the escalation were to continue.” Mr. Amoah bemoaned.
The Executive Director of the Chamber of Petroleum Consumers (COPEC) urged government authorities to prepare for potential shocks in global supply and consider mitigating measures to cushion consumers against sharp increases in fuel prices.
