Global crude oil has climbed past the $100 per barrel threshold for the first time since 2022, driven by escalating tensions in the Middle East amid ongoing conflict involving the United States, Israel, and Iran.
Brent crude traded just above $107 per barrel, while West Texas Intermediate (WTI) hovered near $104.
The sharp increase has reignited concerns over potential impacts on petroleum product prices in Ghana, particularly as the country enters the second pricing window for March.
Experts caution that sustained high crude prices could raise international costs for refined petroleum products, which may, in turn, increase the landing cost of fuel in Ghana if the trend continues.
Analysts note that spikes in crude typically feed through to higher prices for refined products, affecting the cost of imported fuel delivered to Ghana’s ports before taxes and distribution margins are applied.
Despite global market volatility, the National Petroleum Authority (NPA) has confirmed that Ghana maintains adequate petroleum product stocks to satisfy domestic demand.
The Authority added that it has implemented a strategic import plan designed to maintain steady fuel supply and shield the country from potential disruptions linked to Middle East instability.