Ghanaian motorists are bracing for a painful pump price hike, with fuel prices projected to hit GHC 17 per litre by next week if tensions in the Middle East persist. The warning comes from the Chamber of Petroleum Consumers, Ghana (COMAC), which is urging the government to take proactive measures to cushion the impact on consumers.
COMAC is forecasting a significant increase in fuel prices due to the ongoing tensions in the Middle East, a major oil-producing region. The situation is being closely monitored, and the organization is calling on the government to expedite the rollout of alternative energy sources to reduce the country’s reliance on imported fuel.
The Chamber’s Executive Director emphasized the need for urgent action, stating, “The situation is critical, and we need to take immediate steps to protect consumers from the impending price hike”. The government is being urged to consider reducing taxes on fuel to mitigate the impact on consumers.
Ghana, a net importer of fuel, is vulnerable to fluctuations in global oil prices. The country has been grappling with economic challenges, and the projected fuel price hike is likely to exacerbate the situation.
The public is advised to prepare for potential fuel shortages and price increases. As the situation unfolds, stakeholders are calling for calm and urging the government to take decisive action to address the issue.
Author: Korkor Anumu
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