The Chamber of Petroleum Consumers (COPEC) has asserted that the price of a litre of fuel might plunge eight cedis fifty pesewas (GH¢8.50p) at the pumps if the tensions between Russia and Ukraine persist.
Ukraine, the world’s third-largest oil producer, and second-largest oil exporter launched an all-out invasion of Ukraine by land, air, and sea yesterday, an action that has drawn severe economic sanctions on Russia from the West.
In a media interview, the Executive secretary of COPEC, Duncan Amoah, said a barrel of oil could cost more than $110 on the world market, according to him, the translation is simple, that Ghanaians could buy a litre of fuel at the pumps at ¢8.5p.
“Per what we are forecasting, we could hit 110 or 120 in the next few days if the tensions do not deescalate. What that means for Ghana which is also an oil-producing and exporting country is that if the bombing continues like it started (yesterday)into the weekend, oil will cross 110 dollars a barrel. There is no uncertainty about it, once it crosses 110, cost per metric of finished products might take some days to also reflect and that will take us to the first window of March”.
Days ago, a barrel of oil hit $105.