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The Silent Effect Of Geopolitics And Its Impact On Fuel Prices In Ghana (Part I)

The Silent Effect Of Geopolitics And Its Impact On Fuel Prices In Ghana (Part I)
The Silent Effect Of Geopolitics And Its Impact On Fuel Prices In Ghana (Part I)

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The impact of global geopolitical events on the price of refined petroleum products in Ghana has been significant, with ongoing eruptions of emerging events globally. The Russia-Ukraine war, which began in February 2022, has had profound implications for global energy markets, particularly affecting diesel prices in Europe, with a trickle-down effect in markets like Ghana. The conflict and subsequent sanctions have led to disruptions in supply, prompting European nations to source their demand from other markets, thereby putting pressure on the commodity and increasing the price. The impact of OPEC and its allies on the global oil market has also significantly influenced fuel prices worldwide, with far-reaching consequences for ex-pump prices in countries like Ghana. Ghana, as a net importer of refined petroleum products, has been impacted by these events, with the country heavily reliant on imported petroleum products to sustain its economy. The main routes for importing refined petroleum products into Ghana primarily involve maritime transport, with the ports of Tema and Takoradi playing pivotal roles in these imports. The impact of these global geopolitical events on the price of refined petroleum products at the pump in Ghana is an important aspect that citizens should be aware of.

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