US–Israel War With Iran: Ghana Has 7 Weeks of Fuel Reserves, but Prices May Still Spike – Kwadwo Nsafoa Poku
Energy expert Kwadwo Nsafoa Poku warns that global supply disruptions could push petrol and diesel prices higher in Ghana.
- Diesel could reach GHS 18–19 per litre and petrol around GHS 16 per litre if the US-Israel-Iran conflict continues
- Ghana currently has seven weeks of fuel reserves, providing a temporary buffer against immediate shortages
- Fuel prices are determined by current global market rates
Kwadwo Nsafoa Poku, a renowned energy expert, has warned that fuel prices in Ghana could rise sharply in the coming weeks due to global supply disruptions.
Speaking on the situation on the Ghana Se Sen Morning Show with Kwame Tanko, Mr. Poku explained that fuel marketers do not have to wait for the official pricing window to adjust prices if market conditions demand it. “The companies can increase prices whenever necessary,” he noted, adding that fuel pricing should not be politicized despite growing public concern.
According to the expert, the recent closure of the Strait of Hormuz by Iran, a key passage for global oil shipments, has caused a significant escalation in international fuel prices. He projected that if the US-Israel conflict with Iran continues for a month, diesel could sell for GHS 18–19 per litre, while petrol could reach around GHS 16 per litre.
Mr. Poku clarified that fuel in the market is always sold at current market prices, not based on previously stocked quantities. Ghana currently has reserves that can last for approximately seven weeks, providing a temporary buffer if supply shortages persist.
However, he cautioned that if the war escalates and pipelines or refineries are damaged, repairs could take a long time, even though the facilities already bombed are not major refineries.
“This means while Ghana has saved some fuel, a prolonged conflict could still impact supply and push prices higher,” he added.
The expert urged consumers to stay calm and policymakers to avoid politicizing fuel pricing, emphasizing that global events are the primary drivers of the current market situation.
