The Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has warned that although fuel prices in Ghana remain stable for now, intensifying tensions between Iran and Israel could soon lead to higher petroleum costs on the global market, potentially impacting local prices in the near future.

His caution comes amid renewed hostilities in the Middle East, which continue to disrupt international oil markets and create uncertainty around global fuel supply chains.

Speaking on the Citi Breakfast Show on Monday, June 16, 2025, Nana Amoasi VII noted that while local pump prices are expected to remain stable — and could even see a slight drop — any relief may be short-lived.

“Currently, we do not expect to see any price increases on the domestic market, as the prices determined over the last two weeks remain in effect,” he stated. “In fact, we may even experience a marginal reduction in prices in the coming days. However, this stability is temporary.”

He warned that the impact of soaring global oil prices could begin to show within the next two weeks, depending on how the geopolitical situation evolves.

“For now, we’re okay, but because prices have started skyrocketing globally, we must brace ourselves for a possible price hike very soon. There’s not much we can do to change the situation internationally, so we can only hope for de-escalation,” he said.

Despite the risks, Nana Amoasi expressed cautious optimism, suggesting that fuel prices could ease if diplomatic efforts between Iran and Israel gain traction.

Meanwhile, the Chamber of Oil Marketing Companies (COMAC) has echoed similar sentiments about short-term stability in Ghana’s fuel market.

COMAC CEO, Dr. Riverson Oppong, explained that global price fluctuations do not immediately affect pump prices in Ghana due to the time lag in the pricing system.

“Despite fuel prices rising over the weekend due to the Iranian-Israeli conflict, our forecast does not yet reflect those changes,” he said. “This is because fuel sold at the pump is often from previously purchased stock or secured through fixed commercial agreements.”

He emphasized that this lag applies both to price increases and reductions: “Just as price hikes don’t hit immediately, price drops take time to show at the pump as well.”

Dr. Oppong concluded that for this pricing window, consumers can expect stable prices, as current supply is based on older inventories unaffected by the latest global price movements.