Government says Ghana is withstanding the impact of rising global crude oil prices, citing recent economic stability measures that have helped cushion the effect on consumers.

Speaking after an emergency Cabinet meeting, Government Communications Minister, Felix Kwakye Ofosu, said authorities are taking additional steps to ease pressure on fuel prices.

He announced that the Ministers for Finance and Energy have been directed to reduce fuel costs by removing selected taxes and margins, effective from the next pricing window.

The Cabinet meeting was convened to assess the implications of the ongoing tensions involving the United States, Israel, and Iran on global oil markets and Ghana’s economy.

According to the minister, crude oil prices have risen sharply since the start of the conflict, driven by higher insurance and transportation costs, particularly along the Strait of Hormuz. This has contributed to increases in fuel prices at the pump over the past two pricing windows.

However, he noted that Ghana’s improving economic conditions—especially the relative stability of the cedi and declining inflation—have helped absorb some of the external shocks, limiting the overall impact compared to previous global disruptions.

Mr Kwakye Ofosu cautioned that without intervention, sustained increases in global oil prices could still lead to higher transport fares and a rise in the general cost of living. He said the government’s latest measures are intended to prevent such outcomes and maintain stability.