Russia-Ukraine crisis: Fuel prices could hit GH¢10/litre if situation worsens - Dr Sulemana

Fuel prices pass GH¢8 mark

Russian-Ukraine crisis persists

Global oil prices pass US$100 per barrel

Energy Consultant, Dr Yussif Sulemana has indicated that should the ongoing crisis between Russia and Ukraine escalate, fuel prices in the country could skyrocket to as high as GH¢10 per litre at the pumps.

Global oil prices have reached a record high of US$100 a barrel as they kept rising from the beginning of the conflict.

The Energy expert said the situation could worsen if the situation with Russia and Ukraine continues to escalate over a period.

“What I see going above US$100 is speculative, we’ll need to watch it for a month. And also, if the conflict escalates and is sustained over a period of time, yes, we can have oil prices going up even around 120 and even beyond, because Russia is a force to reckon with. Russia is amongst the three leading players in terms of oil production in the global basket,” Dr Sulemana said.

From the beginning of this year, global oil prices have been on the rise, which has resulted in an increase in the prices of fuel at the pumps.

Fuel is now selling above GH¢8 per litre at some pumps currently.

Dr Sulemana however intimated that, “Russia is not a small player we are joking with. So, if sanctions take hold and affect the energy sector of Russia and Russia is not able to push oil into the global basket, then we can be heading towards $120 and above per barrel.”

“In that case, 10 cedis per litre is a small value. We are not praying for that, but it’s good we put plans in place because these are global dynamics that are playing out. And then we have to use local strategies to be able to counteract that,” the energy expert added.