Rising geopolitical tensions involving Iran, Israel and the United States are beginning to impact the global oil market, with analysts warning of sustained increases in fuel prices and growing economic pressure in Ghana.

Energy policy analyst Benjamin Nsiah has called on the government to adopt urgent diplomatic and economic measures to cushion the country from the effects of global oil price volatility.

Speaking on Ahotor FM, Mr Nsiah urged authorities to engage key institutions, including the Ministry of Foreign Affairs, the Ministry of Finance and the Ministry of Energy, to explore alternative crude oil supply sources and implement proactive strategies to stabilise fuel prices.

He warned that recent increases in fuel prices could persist if global tensions remain unresolved, noting that higher fuel costs typically translate into increased transport fares and rising prices of goods and services, thereby worsening economic hardship.

Mr. Nsiah further projected that fuel prices could rise to as much as GHS20 per litre if the situation deteriorates, and suggested that the government consider reviewing some fuel tax components to ease the burden on consumers.

“In my opinion, if the government can remove or reduce some of the fuel tax components, it could create some relief for citizens,” he said.

Meanwhile, the National Petroleum Authority (NPA) has raised the price floors for petroleum products for the second pricing window of March 2026, effective March 16.

Under the revised figures, the minimum ex-pump price for petrol increased to GHS11.57 per litre from GHS10.46 recorded in the first pricing window.

Diesel saw a sharper rise to GHS4.35 per litre from GHS11.42, while liquefied petroleum gas (LPG) increased to GHS10.67 per kilogramme from GHS9.38.

The adjustments represent increases of GHS1.11 for petrol, GHS2.93 for diesel and GHS1.29 for LPG within the same month, signalling mounting pressure on fuel prices across the country.

The NPA explained that the price floors represent the minimum allowable selling prices under Ghana’s pricing guidelines and do not constitute the final pump prices, as additional costs such as international trading premiums and margins set by bulk distributors and oil marketing companies are added at the retail level.

Analysts say the latest increases reflect rising global crude oil prices driven by renewed tensions in the Middle East, a development that could continue to impact fuel prices in the months ahead.