Global crude oil surged to approximately USD 130 per barrel in the first week of April 2026, the highest level since May 2022, as escalating hostilities involving the United States, Israel, and Iran disrupted major supply routes and rattled energy markets worldwide.
The spike marks an increase of more than 110 percent from December 2025 levels and about 84 percent on a year-on-year basis, according to market data compiled by the Chamber of Bulk Oil Distributors (CBOD) for the April 16 to 30, 2026 pricing window. The previous peak was around USD 133 per barrel in May 2022, following the onset of the Russia-Ukraine war.
The surge has been driven primarily by missile strikes targeting key oil infrastructure, including the South Pars Gas Field in the Persian Gulf, with retaliatory strikes extending to liquefied natural gas (LNG) facilities in Qatar. CBOD data, citing Reuters, indicates the attacks are expected to reduce Qatar’s LNG export capacity by roughly 17 percent, equivalent to about 12.7 million metric tonnes over three to five years. Iran’s subsequent closure of the Strait of Hormuz has further tightened supply, prompting caution from both the International Monetary Fund (IMF) and the World Bank against energy hoarding.
In Ghana, the downstream impact has been severe and persistent. Pump prices have risen for six consecutive pricing windows since February 2026. Petrol prices increased by about 8.21 percent in the April 1 to 15 window, bringing the cumulative year-to-date rise to approximately 21.41 percent. Diesel climbed an average of about 10.89 percent in the same window, up roughly 44.78 percent compared to January 2026 levels and around 20.30 percent on a year-on-year basis. Liquefied Petroleum Gas (LPG) recorded an increase of approximately 2.50 percent.
Some Oil Marketing Companies (OMCs) are currently selling diesel at prices exceeding GHS 18.00 per litre, a level previously seen only in 2023 when the cedi exceeded GHS 18 to the United States dollar.
For the April 16 to 30 window, CBOD sets the ex-refinery price indicator for petrol at GHS 9.8867 per litre on 45-day credit sales and GHS 9.7989 per litre on cash sales, with diesel at GHS 14.4223 and GHS 14.2941 per litre respectively, and LPG at GHS 13.3457 and GHS 13.2270 per kilogram. The calculations use a 30-day forward exchange rate, known as the Fufex30, of GHS 11.2500 to the United States dollar, and a spot rate of GHS 11.1500.
Taxes, levies, and regulatory margins continue to account for a substantial share of final pump prices. CBOD data shows these components represent about 31.04 percent of petrol’s ex-pump price, 24.26 percent for diesel, and 12.40 percent for LPG in the current window. The Energy Sector Shortfall and Debt Repayment Levy (ESSDRL) alone accounts for GHS 1.95 per litre on petrol and GHS 1.93 per litre on diesel. The Unified Petroleum Pricing Fund (UPPF) adds GHS 0.90 per litre across both fuels. Combined, the full levy stack on petrol totals GHS 4.27 per litre and GHS 4.25 per litre on diesel.
President John Dramani Mahama’s administration has moved to partially offset the pressure by absorbing GHS 2.00 per litre on diesel and GHS 0.36 per litre on petrol from April 16, at a projected fiscal cost of approximately GHS 200 million. The intervention, approved by Cabinet, is designed to last one month pending a review of global oil market conditions. Diplomatic negotiations aimed at de-escalating the Middle East conflict could provide additional relief if they yield results before the window closes.
