There will be a further increment in petroleum prices in Ghana in the coming weeks, the Institute of Energy Security (IES) has predicted.

The IES explained the attacks on critical oil facilities in Saudi Arabia over the weekend is likely to cause a shortage of oil on the world market, thereby leading to a hike in prices.

Executive Director of IES, Kwesi Anamoah Sekyi speaking on the Citi FM said:

“You would understand that Saudi Arabia is the supplier of crude to the US…So if we get them locking out 5% of global supply, it also impacts on the production of refined oil in the US. The US will then be forced to go and now rely on their petroleum reserve. If they don’t go to the reserve, it means they won’t have enough to refine and it will cause an impact.”

Mr. Anamoah Sekyi also declared that the incident in Saudi Arabia will not only affect fuel prices, but the prices of all other refined products.
He said, “Already prices shot up to almost $71 per barrel over the weekend. We’re now hovering around $67 per barrel and so for sure because Saudi Arabia is a key supplier to the global landscape, producing almost 10 million barrels per day, and one-tenth of the global oil production. So it will impact on prices of diesel, petrol and even other refined products.”