COPEC predicts spike in fuel prices in 2021

by Business Zone

The Chamber of Petroleum Consumers is projecting a further rise in petroleum prices next year.

It says the change in government in the United States is likely to affect the supply of crude oil as Joe Biden is more inclined to environmental protection and may put a capping on the volume of production.

Price of Brent crude is hovering around US$41 and is expected to remain there till the end of the year.

Executive Director, Duncan Amoah made this projection on the sidelines after a workshop organised to create media awareness on petroleum and energy issues.

“The Democrats are probably coming to power. If you look at the just ended elections, these are people who are more concerned about environmental issues and as such are more likely to move away from ‘shale technology’ which Trump has used for the past four years to flood the oil market. Once the democrats decide to put a capping on ‘shale technology’ because it destroys the environment, it means that supply-side is going to take a hit.”

“The Americans may not be pumping in as much as they’re pumping this year. So these indicators tell you that 2021 is likely to see prices go above the 50-dollar mark. What it means is that, for a country like us that export and import finished products, we’re likely to pay more,” he projected.

Meanwhile, Energy Consultant, Yussif Sulemana has called on government, both successive and incoming, to operate the Tema Oil Refinery as an economic viable entity without political affiliations.

According to him, a country cannot have secure and reliable energy supply without a functioning refinery.

He further made a call on journalists to set the agenda on such issues to properly educate the average Ghanaian.

“How many MDs have been changed at TOR? The same at BOST, how many have they changed? Our interests have overcome the national interests so if you are the one who hold the key (journalists), pick up these stories and let Ghanaians be aware of it. Don’t be surprised to know that most Ghanaians are not aware of this,” he said.

Source: BusinessZone Online

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