CBOD CEO on the US-Iran war and its impact on fuel prices in Ghana and the Black Stars

The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Ofori, says fuel prices in Ghana could have been significantly lower if not for disruptions to the global petroleum supply chain caused by international conflicts. Speaking on Citi Eyewitness News, Dr. Ofori explained that geopolitical tensions and wars in key oil-producing regions triggered sharp increases in crude oil prices, freight costs, and insurance premiums, pushing fuel prices higher across the world. According to him, petrol prices increased by about 88%, while diesel prices nearly doubled over the past year due to rising international market costs. He revealed that, based on current exchange rates and market conditions, fuel could be selling for between GH¢9 and GH¢10 per litre if global supply chains had not been disrupted. Dr. Ofori also highlighted Ghana's vulnerability to external shocks, noting that the country lacks a substantial strategic petroleum reserve that could help cushion consumers during periods of international supply disruptions. His comments come as global oil prices show signs of easing following reports of a peace agreement between the United States and Iran, raising hopes of possible reductions in fuel prices in Ghana. #GhanaNews #CitiFM #ChannelOneTV #FuelPrices #PetrolPrices #DieselPrices #CBOD #PatrickOfori #OilPrices #EnergyNews #GhanaEconomy #EyewitnessNews #CostOfLiving You are watching a video on the YouTube channel of Channel One TV. From Breakfast Daily in the morning to our news and current affairs programmes - ChannelOne Newsroom, The Point Of View, Face to Face and What The Papers Are Saying - in the evening, enjoy an uninterrupted look at our unique list of programmes. 📺 Channel One Newsroom - 8pm - 9pm [Everyday] 📺 Breakfast Daily - 7am - 11am [Weekdays] 📺 The Point Of View - 9pm - 10pm [Mondays and Wednesdays] MONDAYS 📺 Breakfast Daily - 7am - 11am 📺 Newsfeed - 12 noon 📺 Street News - 3:30pm - 4pm 📺 Newsfeed - 4:30pm 📺 EdTech Mondays - 7pm - 8pm 📺 The Point Of View - 9pm - 10pm TUESDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] 📺 Newsfeed - 12 noon - 12:30pm 📺 Newsfeed - 4:30pm 📺 What's Cooking - 7pm - 8pm [Tuesdays] 📺 Face To Face - 9pm - 10pm WEDNESDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] 📺 Newsfeed - 12 noon - 12:30pm 📺 Newsfeed - 4:30pm THURSDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] FRIDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] SATURDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] SUNDAYS 📺 Breakfast Daily - 7am - 11am [Weekdays] 📺 Face To Face - 9pm - 10pm [Tuesdays] 📺 The Big Issue - 9am - Noon [Saturdays] 📺 What The Papers Are Saying - 9pm - 10pm [Thursdays] 📺 Newsfeed - 12 noon and 4:30pm [Weekdays] 📺 The Citiuation Room - 3pm - 4pm [Thursdays] 📺 Footprints - 7pm - 8pm [Fridays] 📺 Backpage - 6:30pm - 7pm [Fridays] 📺 What's Cooking - 7pm - 8pm [Tuesdays] 📺 Beyond Borders - 7pm - 8pm [Thursdays] 📺 VoxPop Central - 7pm - 7:30pm [Thursdays] 📺 The Blanksons - 7:30pm - 8pm [Thursdays] ChannelOne TV...Telling Your Story, Empowering Change Follow us: Facebook:   / channel1tvgh   X: https://x.com/Channel1TVGHA?t=DPofwFH... Instagram: https://www.instagram.com/channel1tvg... TikTok: https://www.tiktok.com/@channel1tvgh?... Website: channelonenewsonline.com Visit https://channelonenewsonline.com for the latest news from our correspondents, updates on our shows and all you need to know about our presenters. #ChannelOneTV #GhanaNews #LiveTV #Live #Politics #Ghana #Sports #ChannelOneNews #Business #Entertainment