The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has warned that Ghana could soon experience a sharp rise in fuel prices as global oil supplies face major disruptions due to escalating tensions in the Middle East.

Speaking on The Big Issue programme on Channel One TV on Saturday, March 7, Mr. Amoah described the international fuel market as “shaky,” noting that ongoing hostilities are already affecting global oil supply.

According to him, the situation has been worsened by disruptions around the Strait of Hormuz, a key shipping route for global oil exports. He explained that the blockade in the area is preventing the global market from accessing at least 22 million barrels of crude oil each day.

“Things are looking a bit shaky out there. The supply situation is very bad as I speak. Last week, I mentioned that for every single day the war continues, the global market is denied a minimum of 22 million barrels daily,” Amoah said.

He added that oil prices remained relatively stable in the early days of the conflict because of excess production by members of the OPEC and their allies, which helped cushion the global market.

“The first few days, prices were not that bad because there was already an oversupply situation. OPEC and its allies were producing more than 200,000 barrels daily in excess,” he explained.