- Center for Environmental Management and Sustainable Energy director expects stable fuel prices in 2024
- Benjamin Nsiah told YEN.com.gh that demand on the global stage is unlikely to see significant increases that will push up prices
- Nsiah noted that there is a possibility that the conflict between Israel and Hamas could affect the supply of fuel
Director of the Center for Environmental Management and Sustainable Energy, Benjamin Nsiah, said YEN.com.gh expects less distress in the oil sector in 2024.
Nsiah said prices are likely to be stable compared to previous years as Ghana struggles with an economic crisis.
Fuel prices are currently on sale for as low as GH₵11.24.
“This year, demand is forecast to be flat or down due to zero vehicle production.”
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Nsiah also noted that oil demand from China will be a major factor and cause further declines if its economy shrinks.
He further said that the conflict between Israel and Hamas should be monitored, which could affect oil prices if fuel transportation is affected.
“If it affects the Red Sea where these products are shipped from Saudi Arabia to the European market, the transportation of these products becomes a challenge and this is likely to increase the cost of oil products,” he explained.
Nsiah previously noted that stable fuel prices are crucial to ensure a consistent fall in inflation.
Increases in fuel prices generally affect transport costs and food prices.
Renewed concerns dumsor
In a separate story, YEN.com.gh reported that Deputy Minority MP Emmanuel Armah-Kofi Buah is demanding a load shedding timetable.
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#DumsorIsBack is trending online following power outages in several Ghanaians over the past few days.
Buah said the government does not have enough gas to power thermal plants due to cash flow problems.
Fears of Dumsor’s return began in May 2022
In the meantime, YEN.com.gh reported that last year, rampant unannounced power outages across large areas of the country raised concerns about the return of dumsor, or periodic blackouts.
Experts were concerned about the country’s inability to meet the growing demand for electricity consumption.
But answers from the Ministry of Energy and available data dispel fears that damsor is back.
At the time, the Chamber of Independent Power Producers and Consumers of Bulk Energy (CIPDiB) called for a $1.4 billion debt owed to them by the government to be included in the mid-year budget review.
Source: YEN.com.gh