Accra: The Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), Benjamin Nsiah, has dismissed claims that the recent increase in fuel prices in Ghana is a direct result of tensions between Iran and the United States. Speaking on Accra FM's mid-day news, Nsiah explained that the current increment by the Midstream and Downstream Petroleum Regulatory Authority (MPA) reflects earlier adjustments in international market prices, which occurred before the escalation of the Iran-US situation.
According to Ghana Web, the rise in pump prices is purely based on international market dynamics and the pricing formula used by the MPA. Nsiah noted that global fuel prices had already been trending upward prior to the geopolitical tensions, influencing local pricing. He indicated that any potential impact from the Iran-US conflict may only be reflected in Ghana after March 15, when new pricing assessments are conducted.
Nsiah cautioned that further increases could occur within two weeks if global market trends continue. He stated that international trading data for diesel and petrol shows rising prices. Projections suggest that diesel could increase by as much as 20 percent, while petrol may go up by about 10 percent. However, he emphasized the volatility of the market and the possibility of changing prices at any time.
Nsiah warned that if the conflict persists and global fuel prices continue to surge, Ghanaians may experience slightly higher fuel costs between March and April. Despite these projections, he stressed that the situation in Ghana will largely depend on the government's response.
He pointed out that authorities have several policy tools available to cushion consumers from the full impact of price hikes. Among the measures he mentioned were the possible removal of the GHS1 levy on fuel and the use of an auction policy to stabilize prices. Nsiah explained that such interventions could help reduce the burden on consumers if global prices continue to rise.