Global crude oil prices have climbed above the $100 per barrel threshold for the first time since 2022, driven by escalating tensions in the Middle East involving the United States, Israel and Iran.
Checks by Citi Business News on Oilprice.com early Monday indicated that Brent crude was trading slightly above $107 per barrel, while West Texas Intermediate (WTI) stood at about $104 per barrel.
The spike in crude prices has raised concerns about potential increases in petroleum product prices in Ghana, particularly during the second pricing window of March.
Market analysts caution that sustained increases in crude oil prices could push up the cost of refined petroleum products on the global market, which may lead to higher landing costs for fuel imported into Ghana.
Industry observers note that when crude oil prices rise, the cost of refined products typically follows, affecting the price at which fuel is delivered to the country’s ports before taxes, levies and marketing margins are added.
Despite the volatility in the global oil market, the National Petroleum Authority (NPA) has assured the public that the country currently holds adequate petroleum stocks to meet domestic demand.
The Authority also indicated that it has implemented a strategic import plan aimed at ensuring a stable supply of petroleum products while cushioning the country against possible disruptions linked to the Middle East conflict.
Source: cititnews
