Developments on the international oil market, rather than strictly domestic factors, are the primary driver behind the recent surge in fuel prices across Ghana, energy expert Samson Addea has revealed.
Speaking on Rainbow Radio’s news programme Nyankonton Mu Nsem, Mr Addea cited ongoing geopolitical tensions as the main catalyst for the volatility at the pumps.
“What we are seeing at the local pumps is a direct reflection of international volatility,” Mr Addea explained. “The ongoing disruptions around the Strait of Hormuz—a vital global transit route for oil—coupled with the renewed escalation in the Russia–Ukraine conflict, have created severe supply anxieties, pushing crude and refined product prices upward globally.”
He noted that because Ghana remains heavily reliant on imported refined petroleum products, domestic fuel prices are immediately exposed to international market shifts.
Addressing arguments regarding local production capabilities, Mr Addea clarified that domestic refining alone cannot fully insulate the country from global pressures.
“Even under a scenario where all crude oil produced within Ghana is refined locally, that capacity would only satisfy roughly 50 to 70 per cent of our total national demand,” he stated. “The deficit means we must still depend on the global market to meet consumer needs.”
Looking ahead, the energy expert cautioned that consumers should expect further upward adjustments in the coming weeks.
“If current global trends persist through the next pricing window, another price increase is almost inevitable,” he warned. “Policymakers and regulators must communicate transparently to prepare the public, while actively exploring targeted interventions to cushion households and businesses from these relentless price shocks.”
By: Rainbowradioonline.com/Ghana