Global oil markets are on edge as Brent crude futures reached $70 a barrel on January 29, 2026, the first time prices have hit this level since last September. This surge is largely driven by escalating geopolitical tensions, specifically U.S. President Donald Trump’s warnings of potential military strikes against Iran, as The High Street Journal predicted.
Analysts at Citigroup note that these threats have injected a “risk premium” of $3 to $4 per barrel into global prices, as traders scramble to protect against disruptions in the Middle East. This region accounts for a third of the world’s crude supply.
The timing of this global volatility could hardly be worse for Ghanaian consumers. After a brief period of relief in early January, when petrol prices briefly touched single digits at some stations, the market is now facing a “double whammy.”
Since the beginning of the year, the Ghana Cedi has shed approximately 2% of its value. Because Ghana imports the vast majority of its refined petroleum products in U.S. dollars, a weaker local currency combined with surging international crude prices creates a massive surge in landing costs.
The immediate implication for local motorists is an expected end to the recent price stability. Just weeks after GOIL and Star Oil engaged in a price war that pushed petrol prices down to GH₵9.97, current market dynamics are expected to compel Oil Marketing Companies (OMCs) to increase prices in the next pricing window.
Outside the fuel pump, rising diesel and petrol prices typically trigger a domino effect across the Ghanaian economy, leading to higher transport fares and a spike in food inflation as haulage costs increase nationwide.
