IES Predicts Fuel Price Increase Within Two Weeks

The Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has signaled that Ghana may see a rise in fuel prices within the next two weeks, despite the current stability at the pumps.

This warning comes amid rising geopolitical tensions in the Middle East, particularly the escalating conflict between Iran and Israel, which has already rattled global oil markets.

Speaking in an interview on Monday, June 16, 2025, Nana Amoasi VII emphasized that while prices have held steady and may even decline slightly in the coming days, this relief could be short-lived.

“For now, prices remain unchanged, and there might even be a small drop. But with global prices beginning to surge due to the Iran-Israel situation, a local hike seems likely in about two weeks,” he stated.

“How long any drop lasts is uncertain, and unfortunately, we don’t have much influence over the global market. All we can do is hope for a positive resolution.”

Nonetheless, he held out a sliver of hope, suggesting that improved diplomatic negotiations in the region could ease international prices and, in turn, soften the impact locally.

Meanwhile, Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC), backed this outlook, pointing out that global price changes take time to filter into Ghana’s market.

“Even with recent price surges driven by the Iran-Israel conflict, we won’t see an immediate impact at the pumps,” Dr. Oppong said. “Fuel prices here tend to reflect older stock or pre-negotiated supply deals, which buffer us temporarily.”

He added that this delay works both ways—whether prices are rising or falling, local consumers won’t feel the effects right away.

“For this week, Ghanaians can expect prices to remain stable as products already purchased and priced are being sold,” he confirmed.

The consensus from both energy experts: brace for a potential hike, even if the calm holds for now.