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March 9, 2026
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Fuel prices could hit GH¢17 if the Middle East crisis persists – COMAC
Money
Policy
Growth
Key Points
- Fuel prices in Ghana could surge to GH¢17 per litre if geopolitical tensions in the Middle East escalate.
- The Chief Executive Officer of COMAC warns that global crude oil prices could hit $110-$120 per barrel.
- Ghana, being a net importer of refined petroleum products, is highly vulnerable to these international price increases.
- Such a price surge would lead to higher transportation costs, food prices, electricity tariffs, and overall inflation in Ghana.
- COMAC urges policymakers to avoid politicizing the issue and implement coordinated policy responses to mitigate the economic impact.
Why This Matters
Ghana's economy is highly susceptible to global oil price fluctuations due to its heavy reliance on imported fuel. A significant surge in fuel prices could severely impact household budgets, drive up inflation, and complicate the Bank of Ghana's efforts to maintain macroeconomic stability, affecting nearly all sectors of the economy.
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