Fuel prices rose because refined products became more expensive during Iran conflict
The CEO of Ghana's National Petroleum Authority explains that domestic fuel price hikes are driven by the rising cost of refined petroleum products due to the Iran-Israel-US conflict. He notes that refined product prices fluctuate independently of crude oil, impacting local pump prices.
Why it matters
Understanding the distinction between crude oil and refined product pricing is essential for analyzing energy inflation in developing economies.
The Chief Executive Officer of the National Petroleum Authority (NPA), Edudzi Tameklo, has explained that fuel prices in Ghana increased even though global crude oil prices fell because the prices of refined petroleum products rose sharply during the recent conflict involving the United States, Israel and Iran.
According to him on Joy fm on August 3, 2026, Mr. Tameklo said public discussions on fuel pricing often focus only on crude oil prices and ignore other important factors that determine the pump price of petroleum products.
He explained that before the conflict, a metric tonne of diesel sold for about 794 US dollars, but after the hostilities intensified, the price rose to about 1,340 dollars per metric tonne.
“That same quantity of diesel is now selling for about 1,340 dollars per metric tonne. That is where the bigger challenge is,” he stated.
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