Deputy Ranking Member on Parliament’s Energy Committee, Collins Adomako-Mensah, has warned that Ghanaians should brace for an increase in fuel prices in the coming weeks due to rising tensions in the Middle East.
Speaking on Good Afternoon Ghana on Metro TV on Monday, March 2, 2026, he said the ongoing situation involving the United States, Israel and Iran is already affecting global crude oil prices.
“The immediate effect is that we should expect increments in fuel prices during the next window,” he said.
“What is happening in Iran and Israel, the US and the Middle East is going to cause an increase in crude prices.”
Adomako-Mensah explained that crude oil plays a key role in determining fuel prices in Ghana, and any sharp increase on the international market is likely to reflect at the pumps.
“Some analysts are anticipating that it can go as high as $90 to $100 within the short period of time,” he said.
“When that happens… obviously, we should expect an increment.”
Despite the looming price increases, the Afigya Kwabre North MP said the country currently has enough fuel to cushion the immediate impact.
According to him, officials of the National Petroleum Authority have assured Parliament that stocks remain stable.
“Yesterday, we had a discussion with NPA and they assured us that Ghana still has about seven weeks of fuel currently in the system,” he stated.
He added that the situation could worsen if tensions in the region continue for a long period.
“We are praying that the escalation does not continue more than two weeks,” he said.
Adomako-Mensah, however, expressed concern about Ghana’s limited control over its fuel reserves, particularly the role of the Bulk Oil Storage and Transportation Company (BOST).
He said the company was established to serve as a national buffer in times of crisis, but that role has weakened.
“BOST was set up originally to be a strategic asset of storage of fuel, so that in times like this, we could fall on them,” he said.
“Currently, the seven weeks that we have, all the fuel belongs to private individuals, and that is where we have a challenge,” he noted.
He called for a review of government policy to strengthen the country’s strategic reserves.
“I think situations like this should inform governments to have a policy redirection, so that BOST can refocus their attention on their primary duty,” he added.
Adomako-Mensah also pointed to instability in Iraq, which he said plays a major role in global oil supply.
“That area controls about 30 percent or so of the entire production of oil, which is quite significant,” he noted.
He warned that any disruption in major oil-producing regions could further drive up prices worldwide.
The Afigya Kwabre North lawmaker urged consumers to remain calm while authorities monitor developments.
He said Parliament will continue engaging regulators and industry players to manage the impact on consumers.
