CBOD CEO on the US-Iran war and its impact on fuel prices in Ghana and the Black Stars
The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Ofori, says fuel prices in Ghana could have been significantly lower if not for disruptions to the global petroleum supply chain caused by international conflicts.
Speaking on Citi Eyewitness News, Dr. Ofori explained that geopolitical tensions and wars in key oil-producing regions triggered sharp increases in crude oil prices, freight costs, and insurance premiums, pushing fuel prices higher across the world.
According to him, petrol prices increased by about 88%, while diesel prices nearly doubled over the past year due to rising international market costs.
He revealed that, based on current exchange rates and market conditions, fuel could be selling for between GH¢9 and GH¢10 per litre if global supply chains had not been disrupted.
Dr. Ofori also highlighted Ghana's vulnerability to external shocks, noting that the country lacks a substantial strategic petroleum reserve that could help cushion consumers during periods of international supply disruptions.
His comments come as global oil prices show signs of easing following reports of a peace agreement between the United States and Iran, raising hopes of possible reductions in fuel prices in Ghana.
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