Ghana could see fuel prices surge to GH¢17 per liter if Middle East tensions continue to push global oil prices higher, according to the Chamber of Oil Marketing Companies (COMAC), signaling a broader economic challenge for net oil-importing nations across West Africa.
Dr. Riverson Oppong, COMAC's chief executive, told MyJoyOnline that crude oil could hit $110 to $120 per barrel by mid-week if the regional crisis persists. "If by Wednesday things have not come down, we are going to hit around 110 to 120 [dollars per barrel]," he warned.
Based on current trading prices, Dr. Oppong projected domestic fuel costs would climb "above 15 cedis, between 15 to 17 cedis, depending on where you buy your fuel from." Current prices hover around GH¢14.50 per liter at most pumps in Accra.
The warning comes as escalating tensions involving Israel, Iran, and the United States threaten disruptions to the Strait of Hormuz, which carries approximately one-fifth of global oil supply daily. For Ghana and neighboring net importers like Senegal and Côte d'Ivoire, such disruptions translate directly into economic pain.
Dr. Abeeku Brew-Hammond, an energy economist at the University of Ghana, emphasized the regional vulnerability. "West African economies that import refined petroleum products have no buffer against global price shocks. When Brent crude moves, our pump prices move faster because we're at the end of a long supply chain."




