![\"\"](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/03\/Crude-oil-696x464.jpg\" "\\"Crude")
<\/div>\nThe price of Brent crude surged more than 10% and is closing on an all-time high after the risk of a US and European ban on Russian crude threatened a stagflation shock for world markets.<\/p>\n
The global benchmark of Brent crude hit $139.13 a barrel at the start of trading on Monday, 7th March, 2022, a leap of more than $20 on Friday 4th March, 2022 close of $118.03.<\/p>\n
The all-time of $147.50 was reached in July 2008.<\/p>\n
However, some analysts told the UK Guardian that the $147.50 mark could be surpassed because of the geopolitical impact of the Ukraine crisis.<\/p>\n
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Stock markets also headed the opposite way with more big losses when trading began on Monday, 7th Marchm 2022. The Nikkei in Tokyo was down almost 3%, the Hang Seng was off 3.6% and the Shanghai index had lost 2.3% by 7am GMT. In futures trade, the FTSE100 off 2.6% and the S&P500 down 1.3%.<\/p>\n
The rising oil prices on the world market mean fuel prices at the pumps will keep going up, unless government moves quickly to intervene.<\/p>\n
Cabinet has actually began a meeting to subsidise price of petroleum products, as the rising cost of fuel prices bite hard at consumers.<\/p>\n
A Deputy Minister of Energy, Andrew Agyapa Mercer, had told Joy Business that though it would come as a cost to the tax payer, Cabinet is taking the necessary steps to find relief for Ghanaians.<\/p>\n
He explained that the Ministry of Finance is considering a recommendation from the National Petroleum Authority and the Energy Ministry to that effect.<\/p>\n
Petroleum prices are presently selling above 8 per liter at most pumps of the Oil Marketing Companies.<\/p>\n
This is expected to translate into increase inflation and higher cost of living.<\/p>\n
Already, some prices of goods on the market have shot up.<\/p>\n
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