Renewed tensions between the United States and Iran are putting Ghana’s fuel market on high alert, as uncertainty in the Middle East threatens the stability of petroleum prices, according to the Chamber of Oil Marketing Companies (COMAC).
COMAC CEO Dr. Riverson Oppong told the media that ongoing developments in the region are fueling volatility in global crude oil markets. However, he expressed optimism that prices would not surge past $100 per barrel. “We’re just hoping, and fingers crossed that this does not escalate the price above $100, which I believe we’re not going to see,” Oppong told Citi News.
Dr. Oppong explained that COMAC had earlier projected crude oil prices would stay in the $70-$80 range if geopolitical conditions remained stable. “I was optimistic with the forecasts… We came to $74, $75, and it is still within the forecast that was made because the concern was that if everything was equal, that’s what we were going to see in the market,” he said.
He acknowledged that geopolitical decisions by world leaders make accurate forecasting challenging, noting, “In forecasting, nobody can predict the mindset of any leader who is geopolitically strong like Trump. That’s the only disadvantage we have during our forecasting.”
Dr. Oppong added that, under normal conditions, crude prices could have dropped further, possibly to between $65 and $67 per barrel. He also revealed that renewed instability has triggered panic buying of fuel in Ghana, but assured consumers that the country currently has enough stocks. “We’ve observed panic buying, but it is not anything to worry about. We still have stocks in the country,” he said.
He criticized some businesses for increasing fuel prices prematurely in anticipation of higher import costs, calling the move unjustified since the products were imported earlier at lower prices. He explained that while panic buying is unlikely to directly impact consumers, it may be intended to safeguard the revenues of oil marketing companies.
Global oil markets remain volatile as investors closely watch US-Iran developments, with fears that any escalation could disrupt supplies and drive up energy prices worldwide.
Source: Apexnewsgh.com