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Fuel prices likely to increase next year

Executive Director for the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has said prices of petroleum products are likely to increase next year.

According to Mr Amoah, the likely price increments is due to the change in US government.

He posits that the new US government, headed by Joe Biden, is more inclined to environmental protection and as such might put a cap on the volumes of oil produced by the US.

“The Democrat party which is now coming into government is more concerned about environmental issues and are more likely to put a cap on oil production because they believe it destroys the environment,” he stated.

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“So if a cap is placed on the volume of oil production from the US, supply side is going to take a hit and oil prices for 2021 might go beyond the $50 mark and what that means for us as a country who imports finished oil products, will be to pay more for it,” he added.

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The Executive Director of COPEC made the projection on the sidelines of a workshop to educate the media on energy and petroleum issues.

Norvanreports.com

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