Brent crude oil futures climbed back toward $68 per barrel on Monday September 1, rebounding from recent losses amid renewed geopolitical risks and supply concerns.
The recovery comes after weeks of weakness in global oil markets, with Brent slipping nearly 7% in August and more than 12% compared to the same period last year.
The earlier decline in crude and refined products had raised hopes of relief for fuel-importing nations. During the last pricing window, international market data showed petrol down 0.45%, diesel off 3.73%, and LPG easing 1.73%. But as Ghana opens its September pricing cycle, such relief may not materialize.
The Chamber of Oil Marketing Companies (COMAC) projects that petrol could climb between 3.86% and 5.40% to around GHS 13.67 per litre, diesel by 3.39% to GHS 14.35, and LPG by 4.57% per kilogram.
The anticipated hikes are largely tied to the cedi’s performance, with the local currency weakening by almost 4% in August, from GHS 10.71 to GHS 11.20 per dollar, its steepest monthly fall this year.
With Brent rebounding on renewed tensions in Eastern Europe and uncertainty ahead of the OPEC+ meeting later this week, Ghana could face double pressure: a weaker currency at home and firmer oil benchmarks abroad.
For now, checks at the pumps suggest relative stability as September begins. But with global oil edging higher and the cedi under strain, the cushion of cheaper crude is quickly fading, leaving Ghanaian consumers braced for tougher days at the pumps.
