According to the Chamber of Oil Marketing Companies (COCMC), petroleum product prices would not change during the second June pricing window.
In the midst of growing geopolitical tensions between Israel and Iran in the Middle East, the CEO, Dr. Riverson Oppong, provided the assurance.
“Despite fuel prices going up over the weekend because of the Iranian-Israeli war, you realise that our forecast does not in any way capture those movements.
“This is the reason why I say that when fuel prices are going up, we do not see the effect immediately on pump prices in this country,” Dr. Oppong explained.
Dr. Oppong said on Adom FM’s Dwaso Nsem that the next pricing window will be determined by the landing prices that the Bulk Oil Distribution Companies (BDCs) will release in the next few days.
“We should not expect fuel prices to increase immediately because it takes time for the landing prices to be changed. For this week, we are going to have cool prices at the pump level because we are going to sell old stocks,” he stated.
He also expressed hope for a swift end to the conflict, warning that a prolonged war could affect fuel prices.
