Ghana is a net importer of refined petroleum products
The joint US-Israeli attack on OPEC member Iran has raised fears of a major disruption to oil supply in the Middle East. The escalating conflict has stranded air passengers across the region, including Ghanaians, and triggered volatility in global energy markets.
Analysts warn that traders may be underestimating the risk of Iranian retaliation, particularly given Iran’s control of the Strait of Hormuz, a strategic chokepoint through which roughly one-third of the world’s seaborne oil exports pass. Any destabilisation of this route would significantly reduce global oil supply.
On Friday, February 27, 2026, Brent crude settled at $72.48 per barrel, up 2.45%, while US West Texas Intermediate closed at $67.02 per barrel, up 2.78%.
Meanwhile, Iran has launched retaliatory missile strikes on US bases in Qatar, Kuwait, the UAE, and Bahrain, further heightening tensions.
For Ghana, a net importer of petroleum products, the economic implications are considerable. The country’s stability is highly vulnerable to geopolitical shocks in the Middle East due to its reliance on imported refined petroleum.
GhanaWeb Business outlines the potential ripple effects below:
Here’s how much fuel is selling on March 2
High fuel prices
Global oil price increases will directly impact Ghana under its deregulated pricing regime, where international price hikes automatically translate into higher ex-refinery and pump prices. Higher fuel costs will, in turn, lead to increases in transport fares.
Rising transport fares
Fuel price hikes will push up transportation costs. Currently, petrol sells at GH¢10.46 and diesel at GH¢11.42. Continued upward pressure on global oil markets could lead to sharp increases in domestic fuel prices in the coming months.
Inflationary pressures
Higher transport fares will feed into broader inflation, affecting household budgets and threatening economic stability. Ghana’s inflation rate fell to 3.8% in January 2026, the lowest since the 2021 rebasing, but rising fuel costs could reverse this trend.
Increased transportation and production expenses typically ripple across the economy, raising food prices and business costs.
Cedi stability
The conflict may weaken the Ghanaian cedi as investors seek refuge in safer currencies such as the US dollar. This depreciation would compound the inflationary impact of higher fuel prices, further straining the economy.
In conclusion, the US-Israel-Iran conflict underscores Ghana’s vulnerability to external shocks. Rising fuel prices, inflationary pressures, and currency instability could challenge the country’s economic resilience, making proactive fiscal and monetary measures critical in the months ahead.
SA/MA
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