The renewed tensions between the United States and Iran are keeping Ghana’s fuel market on edge, with uncertainty in the Middle East threatening the stability of petroleum prices, the Chamber of Oil Marketing Companies (COMAC) has said.

COMAC Chief Executive Officer Dr. Riverson Oppong, in an interview with Citi  News, said developments in the region continue to create volatility in global crude oil markets, although he expressed optimism that prices would not climb above $100 per barrel.

“We’re just hoping, and fingers crossed that this does not escalate the price above $100, which I believe we’re not going to see,” Oppong told Citi News.

He said COMAC had previously projected crude oil prices would remain in the US$70-US$80 range if geopolitical conditions remained stable.

“I was optimistic with the forecasts, and I mentioned and predicted that we were going to see the 80s, which we saw. We came to $74, $75, and it is still within the forecast that was made because the concern was that if everything was equal, that’s what we were going to see in the market,” he said.

Oppong added that geopolitical decisions by global leaders make forecasting difficult.

“In forecasting, nobody can predict the mindset of any leader who is geopolitically strong like Trump. That’s the only disadvantage we have during our forecasting,” he said.

He noted that, under normal market conditions, crude oil prices could have fallen further.

“If things were the same, we believe that we would have seen that for a long time and, if possible, drop to between $65 and $67,” he said.

Oppong also disclosed that renewed geopolitical tensions have triggered panic buying of fuel in Ghana, although he assured consumers that the country has sufficient fuel stocks.

“We’ve observed panic buying, but it is not anything to worry about. We still have stocks in the country,” he said.

He, however, criticised some businesses for raising fuel prices prematurely in anticipation of higher import costs.

“We’ve seen some businesses also increasing their prices already in the midst of it, which I always say is very wrong because we believe they are selling products that were brought in some time ago,” Oppong said.

He added that while panic buying is unlikely to affect consumers directly, it may be aimed at protecting the revenues of oil marketing companies.

Global oil markets have remained volatile as investors closely monitor military and diplomatic developments involving the United States and Iran, amid concerns that any escalation could disrupt global crude oil supplies and drive up energy prices.