The prices of petroleum products will remain stable in the second pricing window of June, the Chamber of Oil Marketing Companies (COCMC) has predicted.
The Chief Executive Officer (CEO), Dr. Riverson Oppong, gave the assurance amid escalating geopolitical tensions between Iran and Israel in the Middle East.
“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.
Speaking on Adom FM’s Dwaso Nsem, Dr. Oppong stated that the Bulk Oil Distribution Companies (BDCs) will, in the coming days, announce the landing prices which will determine the next pricing window.
“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.
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