President John Dramani Mahama has assured that the government is prepared to roll out targeted measures to protect consumers if rising global oil prices begin to significantly impact domestic fuel costs.

Speaking at a Presidential Dialogue with Civil Society Organisations, the President noted that although Ghana has recently experienced relatively stable — and in some cases lower — fuel prices, emerging external shocks are beginning to pose an 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.

He explained that the current pressure on fuel prices is largely driven by global crude oil trends rather than domestic currency instability, stressing that the cedi has remained relatively stable.

“The push factor in the oil price build-up is coming from the price of crude oil and finished products,” he stated.

President Mahama attributed the volatility in global oil markets to ongoing geopolitical tensions, particularly involving the United States, Israel, and Iran, warning that prolonged instability could compel the government to take decisive action.

“If this continues, then we will have to take some firm decisions,” he cautioned.

He disclosed that the government is already considering a range of interventions to cushion consumers against potential price hikes. These include reviewing fuel marketing margins and leveraging the recently introduced one-cedi development levy.

“Some of the options available to us include adjusting margins to ease the burden on consumers and also reviewing the development levy to provide relief,” he explained.

The President emphasised the critical role fuel prices play in Ghana’s inflation dynamics, particularly through their impact on transportation and food costs.

“Fuel drives the transport sector, and transport is a major contributor to inflation. When fuel prices rise, the cost of moving goods — especially food — also increases, affecting the overall cost of living,” he said.

He assured that the government remains vigilant and is working closely with economic managers to monitor global developments and respond appropriately to shield households from the effects of rising energy costs.