Israel-Iran fight: Mahama says fuel prices can still go up here, and we’re not safe from it.

The recent missile exchange between Israel and Iran in the Middle East has caused global crude oil prices to rise, and President John Dramani Mahama has cautioned that Ghana is not immune to this trend.

During his ‘Thank You Tour’ in the Savannah Region on Saturday, June 14, the President discussed the actions his administration is taking to lessen the impact on domestic fuel costs while acknowledging the possible economic consequences.

President Mahama emphasized Ghana’s susceptibility to global geopolitical events by saying, “Despite the work we have done in stabilizing the economy, Ghana is not immune to the shocks of global events.”

“Recent events in the Middle East, which involve an exchange of missiles between Israel and Iran,” he explicitly mentioned, “have started to escalate crude oil prices dramatically.”

Increased tensions in the Middle East, an area vital to a large amount of the world’s oil supply, have caused notable spikes in global crude oil benchmarks, including Brent crude.

Countries like Ghana, which produce crude oil but are still net importers of refined petroleum products, are directly impacted by this uncertainty.

According to data from the International Energy Agency (IEA), the transportation sector is the biggest consumer of refined oil products, and oil makes up a sizable amount of Ghana’s overall energy supply.

President Mahama disclosed that he has given orders to his key ministries in order to defend Ghana’s economy and consumers.

“I’ve asked our Minister of Finance and Minister of Energy to keep a close eye on the development and model the possible impacts on our petroleum prices,” he said.

Maintaining these hard-won economic benefits depends on managing external shocks like rising oil prices, since the government’s 2025 budget aims for a 1.5% primary surplus.

In addition to keeping an eye on the situation, the ministers have been entrusted with creating “measures to protect the recent gains that we have made.”

To protect the Ghanaian population from sudden hikes at the pump, these policies can involve targeted subsidies, strategic reserves, or other fiscal actions.