President John Dramani Mahama has announced an emergency Cabinet meeting to address the recent spike in petroleum prices and its impact on consumers and businesses.

Addressing participants at the 2026 Kwahu Business Forum, he attributed the rising fuel costs to growing geopolitical tensions in the Middle East, particularly the situation involving Iran, and said government is exploring immediate responses.

“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices,” he stated.

The President indicated that discussions will centre on targeted interventions within the petroleum pricing framework, including possible revisions to margins, with the aim of keeping prices relatively stable during the ongoing global uncertainty.

Recent adjustments by the National Petroleum Authority have resulted in noticeable increases in petrol and diesel prices, triggering concerns about transport fares and the broader cost of living.

Businesses present at the forum warned that sustained increases could affect operations and add to inflationary pressures.

Despite the developments, President Mahama maintained that Ghana’s economy remains resilient and capable of managing external shocks.

He also acknowledged transport unions for their restraint in the face of rising fuel costs and urged continued patience as government finalises relief measures.

Participants at the forum described the planned intervention as necessary, noting that stabilising fuel prices would help businesses plan and ease pressure on consumers.