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Business News of Saturday, 26 February 2022


Russia- Ukraine conflict will cause hike in fuel and gas prices – Analyst

Dr George Kobina Domfeh Dr George Kobina Domfeh

A Political Analyst and Research Fellow at the Centre for Social Policy Studies, University of Ghana, Dr George Kobina Domfeh has warned that the conflict between Russia and Ukraine will cause a hike in fuel and gas prices.

He said this is due to the fact that Russia is a huge supplier of fuel and gas in the world.

Russian forces launched a full-scale military invasion of Ukraine as President Vladimir Putin demanded Kyiv’s army lay down its weapons.

Ukraine President Volodymyr Zelenskyy said on Wednesday Russia is attacking his country’s “military infrastructure” and border guards.

In a brief televised address to the nation, he called for martial law and pledged victory.

Tensions over the Ukraine-Russia crisis have been simmering for months, with diplomatic efforts to resolve the issue showing no sign of progress.

In a latest development, a Russian aircraft was shot down over the Darnytskyi district of Kyiv.

The jet crashed near a house at 7a Koshytsia Street after a couple of explosions earlier in the Ukrainian capital.

Similar sounds were heard on Thursday when, according to Ukrainian officials, a military base in Brovary, a town near Kyiv, was hit by Russian cruise missiles, leaving six people dead.

Already, it has been reported that about 40 have been killed as a result of the attack.

Speaking on Atinka TV‘s morning show, Ghana Nie, with Ekourba Gyasi Simpremu, Dr George Kobina Domfeh said a lot of countries including Ghana will be affected by the conflict.

He said the consequences of the conflict will be a bad one, expressing hope that it will end soon.

“What happened on Thursday is very scary. What makes it scarier is that Russia is very powerful in the world, and they are huge suppliers of fuel and gas and so if this war begins, it will make the prices of fuel and gas very expensive.

Covid did not help and because of that there is already a hike in fuel prices but the consequences of this conflict will not be a good one at all. We will all be affected and it is our prayer that this war that has started will not escalate but will end soon,” he said.