Mahama assures measures to protect consumers as fuel prices face upside risk

President John Dramani Mahama has assured that government is prepared to implement measures aimed at protecting consumers should rising global oil prices continue to put pressure on domestic fuel costs.

Speaking during a Presidential Dialogue with Civil Society Organisations, the President noted that while Ghana has recently enjoyed relatively stable and even lower fuel prices, external shocks are beginning to pose a potential upside risk.

“Things were sailing quite smoothly, and indeed, we’re beginning to enjoy some of the lowest fuel prices in a long time,” he said. However, he explained that current pressures are largely driven by global crude oil movements rather than domestic currency instability.

“The cedi remains stable, but the push factor in the oil price build-up is coming from the price of crude oil and finished products,” President Mahama stated.

He attributed the global volatility to geopolitical tensions( US- Israel and Iran conflict) affecting oil markets, warning that continued instability could force government to take corrective steps.

“If this thing continues some more, then we’ll have to take some decisive decisions,” he cautioned.

According to him, government is already considering a range of interventions to cushion consumers against possible price increases. These include adjustments to fuel marketing margins as well as the strategic use of the recently introduced development levy.

“Some of the weapons we have is to look at the margins, to try and cushion consumers, and then also look at the recently imposed one cedi development levy to try and cushion consumers,” he explained.

President Mahama stressed that fuel prices play a central role in Ghana’s inflation dynamics, particularly through transport costs which affect food prices and the broader cost of living.

“Fuel moves the transport sector, and the transport sector is the main driver of inflation. If fuel goes up, the cost of transporting food items goes up, and it affects inflation in the food basket,” he said.

He assured that government remains vigilant and is working closely with economic experts to monitor developments and respond appropriately to protect households from the impact of global energy shocks.