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