Middle East Tensions Threaten Ghana’s Recent Fuel Price Gains – COPEC Warns
The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has cautioned that escalating tensions in the Middle East could reverse the progress Ghana has made in stabilising fuel prices over the past 15 months.
According to him, the ongoing geopolitical developments in the region pose a significant risk to the consistent fuel price reductions recorded in Ghana since early 2025.
Speaking in a media interview, Mr. Amoah noted that a single major global disruption could easily wipe out the gains the country has achieved in the petroleum sector.
He recalled that from January 2025, fuel prices had steadily declined month after month, offering relief to consumers and businesses across the country. However, he warned that the current global tensions could quickly erase those gains.
“This single event could wipe out the gains we have recorded over the last 15 months. Since January 2025, we have consistently announced reductions in fuel prices month after month, but one global event can erode all those improvements,” he said.
Mr. Amoah stressed that the situation underscores the urgent need for Ghana to strengthen its domestic energy infrastructure in order to protect the country from external shocks in the global petroleum market.
He argued that Ghana cannot continue to remain heavily dependent on international market conditions without developing stronger internal systems to manage supply disruptions.
“You cannot simply remain a price taker and watch geopolitical developments unfold without preparing for their impact. The country must plan strategically for its energy security,” he stated.
As part of the solution, Mr. Amoah called for renewed investment in key state-owned energy institutions such as the Bulk Oil Storage and Transportation Company Limited and the Tema Oil Refinery.
He explained that improving the capacity of these institutions, alongside strengthening Ghana’s gas processing infrastructure, would provide a buffer against global supply shocks.
According to him, Ghana’s heavy reliance on imported fuel leaves the country vulnerable whenever Bulk Distribution Companies purchase petroleum products from the international market.
“If our storage facilities and refinery were functioning effectively, we would not be celebrating short-term fuel stock levels,” he said.
Mr.Amoah therefore urged government to prioritise reforms and investments in the energy sector to reduce Ghana’s exposure to global oil market volatility.
