Fuel Prices Set to Surge by March 16, 2026 as Middle East Crisis Deepens – Benjamin Nsiah

Energy policy analyst Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), has raised concerns over Ghana’s fuel security amid escalating tensions involving United States, Israel, and Iran.

Speaking on the potential economic impact of the Middle East unrest on Kessben Maakye today, Nsiah warned that Ghanaians should brace for a possible increase in fuel prices by March 16, 2026, as global crude oil prices respond to geopolitical instability.

According to him, private oil importers deserve commendation for securing enough petroleum products to sustain the country for approximately five weeks as perceived.

“Private importers have done very well in storing oil products that can cater for the nation for the next five weeks and must be applauded,” he stated.

Nsiah, however, criticized the operations of the Bulk Oil Storage and Transportation (BOST) Company, alleging that the strategic reserve system fund, “12 pesewas per litre tariff” is not functioning as intended.

He claimed that although consumers continue to pay the levy meant for strategic reserves, BOST officials use is to pay themselves with huge salaries. BOST’s storage facilities are largely empty.

“Five weeks of reserve as announced is the work of the private oil dealers, not the government. BOST is not holding strategic stocks. Any oil in their tanks belongs to private dealers,” he alleged.

Nsiah warned that global crude oil prices could surge, inevitably affecting Ghana’s pump prices in the coming pricing window.

He urged policymakers to take proactive steps, including redirecting lifted crude oil to the Tema Oil Refinery (TOR) for refining, instead of relying heavily on imports.

He also criticized the Finance Minister saying “The Finance Minister is not wise to direct the National Petroleum Authority (NPA) to divert our lifted oil to Tema Oil Refinery (TOR) for refining because he’s just a manager” suggesting that stronger directives should be issued to the National Petroleum Authority (NPA) to safeguard national energy security.

Touching on global geopolitics, Nsiah suggested that actions by U.S. President Donald Trump are strategic moves aimed at strengthening the American economy.

He emphasized the need for Ghana to strengthen linkages between its upstream petroleum production and downstream refining sector to cushion the country against external shocks.

“We must link our upstream to the downstream. That is the only way we can protect ourselves from global volatility,” he concluded.

Energy analysts say developments in the Middle East could significantly impact global oil markets, with Ghana likely to feel the ripple effects in the coming weeks.