The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has cautioned that the ongoing conflict in the Middle East is likely to affect upcoming fuel shipments, potentially driving up pump prices.

Mr Amoah said that although Ghana presently has sufficient stock, private traders are already factoring the Middle East tensions into the pricing of future cargoes.

“If I were a trader having to supply stock tomorrow, I would definitely consider that these hostilities in the Middle East could impact the next shipment I receive,” he explained on Joy FM.

Global crude prices have surged past $91 per barrel after the blockade of the Strait of Hormuz, a key transit route for roughly 22% of the world’s oil supply. This represents more than a 30% increase from the previous $67–69 per barrel range in just 24 hours.

Mr Amoah added that the situation is “fluid” and warned that sustained conflict could push crude prices to $100 per barrel, putting further upward pressure on domestic fuel prices.

He also highlighted Ghana’s lack of strategic reserves, noting that the country relies entirely on stocks held by private Bulk Distribution Companies (BDCs).

The Strait of Hormuz is located between Oman and the UAE on one side and Iran on the other. The BBC reports that at least three ships were attacked near the Strait of Hormuz, as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the United States and Israel.

Read: 'More than a month's worth': NPA assures public of adequate fuel stocks despite Middle East tensions