Drivers and businesses, get ready to dig deeper into your pockets—fuel prices are on the verge of another surge! With global oil markets rattled by supply risks and escalating geopolitical tensions, energy costs are expected to climb, putting more pressure on consumers and industries alike.
Ghana’s fuel prices may rise as global crude costs increase due to supply risks, geopolitical tensions, and a weak cedi, impacting businesses, transportation, and the economy
Ghana could see an increase in fuel prices in the next pricing window as global oil markets react to tightening supply risks and geopolitical uncertainties. Brent crude futures rose by 7 cents to $73.86 per barrel, while West Texas Intermediate (WTI) crude climbed 10 cents to $79.75 per barrel, reflecting growing concerns over potential disruptions in global supply.
The increase follows the U.S. government‘s threat to impose secondary sanctions on buyers of Venezuelan crude oil, a move that could significantly impact global oil trade. Additionally, existing sanctions on Iran’s oil exports have heightened fears of a supply squeeze, further adding to market volatility.
Analysts also point to a recent drawdown in U.S. crude and fuel inventories as a contributing factor to rising prices, signaling either increased demand or reduced production. However, uncertainty remains due to potential economic slowdowns and fluctuating demand forecasts, making future price movements unpredictable.
Potential Impact on Ghana’s Fuel Prices
For Ghana, these global developments pose a risk of higher fuel prices in the upcoming pricing window. As an oil-importing country, Ghana is highly vulnerable to fluctuations in international crude oil prices. If global oil prices continue their upward trend, the cost of refined petroleum products could increase, impacting transportation, businesses, and overall economic activity.
Another factor influencing domestic fuel prices is the exchange rate. The Ghanaian cedi has not gained strong grounds against the U.S. dollar, and as a result, any fluctuations in global oil prices could further impact the cost of importing fuel. As of March 25, 2025, the cedi was trading at 15.97 GH¢ per U.S. dollar on the retail market, making imports more expensive and adding to the pressure on fuel prices.
What to Expect in the Coming Weeks
All these factors combined could push fuel prices up in the next pricing window. The interplay between rising global crude prices, geopolitical tensions, and the cedi’s weak performance against the dollar creates a challenging environment for fuel pricing in Ghana. If the upward trend in oil prices persists while the local currency struggles to gain strength, consumers may face higher fuel costs, which could have ripple effects on transportation, businesses, and the overall economy.
