Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has warned of a possible surge in Global crude oil following the escalating tensions in the Middle East.
According to COPEC, the escalating tensions in the Middle East would significantly affect petroleum markets worldwide, including Ghana.
He disclosed that the Strait of Hormuz, a critical global oil transit route, is currently blocked.
Duncan Amoah further disclosed that crude prices have already reacted sharply to the disruption.
He indicated that oil prices had surged to $91 a barrel amid the Hormuz blockade, up from between 67 and 69 dollars recorded the previous day.
Speaking on Channel One Newsroom on Saturday, February 28, Duncan Amoah stated, “What I can confirm is that the Strait of Hormuz is blocked as we speak. The iron triangle is already active. Iran, Russia and China have paraded their maritime infrastructure.
Whatever they can deploy in that tunnel is already active. The US is also heading toward that corridor, which means no oil whatsoever has made passage since morning.”
“Over 22 per cent of the global oil supply that should have moved since last dawn has not moved,” he stated. “Inventories across Europe, the US and Asia will now attract higher premiums. You cannot expect anyone holding oil at this point to sell it cheaper.”
Meanwhile, before the escalating tensions in the Middle East, the Chamber of Petroleum Consumers (COPEC) have announced that Ghanaians must brace themselves as the first pricing window of March 2026 will see an increase in petroleum prices.
According to COPEC projections, petrol is set to rise by 3.59%, with diesel rising by 1.52%.
COPEC, in a statement, stated, “Petroleum prices beginning the 1st window of March 2026, are expected to see some marginal increments across the pumps. Petrol is expected to go up marginally by 3.59%, Diesel by 1.52% whiles LPG could witness a decline of -1.57% across various pumps respectively.”
“Global Crude price has seen a marginal increase of about 1.25%, that is an increase from $70.90/barrel to $71.79/barrel.”
COPEC stressed that the cedi, however, “witnessed a marginal appreciation against the Dollar to close trading from an average interbank rate of $1:GHS11.0990 at the start of the current window to $1:GHS11.0723 (0.24%) as of the close of window.”
For petrol, COPEC justified that “With the international FOB price of petrol increasing from $652.64/MT to $685.27/MT (5.03%) and a currency appreciation of about 0.24%, the retail price of petrol works up to an increment of 3.59%.”
“the retail price of Petrol is expected to be selling between GHS11.8/L and GHS13/L, within a ±5% range of COPEC’s projection.”
“In the same manner, with the International FOB price of diesel increasing from $695.94/MT to $711.86MT (2.29%) and the cedi’s appreciation averages of 0.24%, the projected retail pump price for diesel in the next window shall work up to an increment of 1.52%.”
“Diesel is thus expected to increase marginally with retail price selling between GHS12.73/L and GHS14.0/L within a ±5% range of COPEC’s projection.”
“With the international FOB price of LPG decreasing from $508.77MT to $503.59/MT (-1.5%) and the cedi’s appreciation of about 0.24%, the projected retail price of LPG is expected to decline marginally by -1.57%. Within ±5% error, LPG is expected to be selling between GHS11.48/kg and GHS12.69/kg.”
“In conclusion, it is the expectation of COPEC that the various Oil Marketing Companies would maintain prices across the pumps in order not to overburden the consumer with these expected increments in the coming window”. COPEC added.