Brent crude prices have climbed above $80 per barrel following fresh strikes on Iran by the United States and Israel, heightening concerns about possible fuel price increases in Ghana.
Data monitored by Citi Business News on Oilprice.com show the global benchmark has surged in recent days, driven by uncertainty surrounding key oil supply routes — particularly the Strait of Hormuz.
The strait is one of the world’s most critical energy chokepoints, with about 20 percent of global oil supply passing through it daily. It serves as a major export corridor for producers such as Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq. Any disruption to traffic through the waterway typically sparks sharp volatility in global markets.
Analysts warn that prolonged tensions or an extended closure of the strait could drive crude prices toward $100 per barrel, with direct implications for Ghana’s downstream petroleum pricing in the coming pricing windows.
The National Petroleum Authority (NPA), however, says it is actively managing the country’s fuel supply position and sees no immediate risk of shortages. The regulator notes that current national stocks of petrol and diesel are sufficient for several weeks, supported by a structured import programme and output from the Sentuo Oil Refinery.
The NPA further clarified that Ghana sources most of its refined petroleum products from the Northwest European market and does not directly import from Iran or other Middle Eastern countries at the centre of the conflict.
According to the Authority, the main risk to Ghana is pricing rather than supply. It cited the Russia-Ukraine war as precedent, noting that despite severe global disruptions at the time, Ghana did not experience fuel shortages.
Ultimately, the trajectory of domestic pump prices will depend on how long geopolitical tensions persist and whether operations at the Strait of Hormuz remain uninterrupted.
