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Fuel prices rose because refined products became more expensive during Iran conflict- NPA CEO reveals
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.
According to him, crude oil is traded in barrels, while refined products such as diesel are traded in metric tonnes, and the two prices do not always move in the same direction.
Mr. Tameklo said fuel pricing in Ghana is determined mainly by three factors: the international price of refined products, the exchange rate, and taxes and margins.
He noted that taxes and margins have largely remained unchanged, while the exchange rate has been relatively stable in recent months, leaving the international price of refined products as the main source of the recent increase.
The NPA CEO said that when a ceasefire was announced in June, refined product prices fell from nearly 1,200 dollars to about 890 dollars per metric tonne, and pump prices in Ghana dropped to levels seen before the conflict.
However, he said renewed military action caused prices to rise again.
“It is unfortunate that the bombing resumed, and that immediately pushed prices back up,” he said.
Mr. Tameklo acknowledged that crude oil prices did not rise by the same magnitude.
He noted that crude oil briefly rose to around 110 dollars per barrel during the height of the conflict and later declined to about 87 dollars per barrel after signs of easing tensions emerged.
He explained that Ghana does not use the daily crude price when setting fuel prices.
Instead, authorities calculate the average international prices over the previous 14 days before announcing a new pricing window.
“If you quote today’s crude price, it will not reflect the decision that was taken based on the previous 14 days,” he explained.
Mr. Tameklo said the conflict increased the cost of moving petroleum products across international shipping routes.
According to him, insurance premiums for cargoes have risen significantly because of heightened risks in the region, particularly around the Strait of Hormuz.
He added that recent diplomatic efforts involving Oman, Iran and other Gulf states had helped calm the market and contributed to the latest decline in crude oil prices.
The NPA CEO said understanding fuel prices requires a broader assessment of global refined product markets, shipping costs, insurance charges and exchange rate movements, not crude oil prices alone.
By: Jacob Aggrey
Medical Doctor and dietician, Dr Bernice Korkor Asare, has urged women to take greater responsibility for their lifestyle choices, particularly their eating habits and levels of physical activity, to help reduce their risk of developing breast cancer.
According to her, although, some breast cancer risk factors, such as family history and certain reproductive factors, may not be within an individual’s control, lifestyle choices offer an opportunity for people to take preventive action.
She made this known during a talk on the topic: “Role of diet in breast cancer prevention” organised by Times Ladies Association of the New Times Corporation, publishers of The Ghanaian Times and The Spectator, in Accra on Thursday.
The event themed “Breast Cancer Awareness- Promoting Early Detection, Healthy Eating and Prevention.” 
She noted that having a risk factor did not automatically mean a person would develop breast cancer, but could increase the likelihood of developing the disease compared with someone without that particular risk factor.
“Having close relatives who have had breast cancer, particularly a mother, sister or daughter, may increase the risk, although not everyone with a family history will develop the disease,” Dr Asare opined. Read More.
By Adizatu K. Munkaila
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A group of compassionate friends from Innovation Gospel Impact last Friday visited the management, teachers and learners of the Street Academy in Accra.
The visit was to interact to get a deeper insight into the operations of the Academy that houses hundreds of street and underprivileged children and find ways to support them.
The team was led by Rev. Dr Isaac Apenteng Yeboah, a former Director for West African Mailbox Club and Director for Prisons Support Foundation, and Rev. Dale Sutherland from Washington DC.
The call, according to the visitors was occasioned by reports about the struggles of the Academy despite the occasional support it enjoys from individuals and some corporate entities.
Briefing them, the Founder and Executive Director of the Academy, Dr Ataa Lartey, thanked them for the concern showed, indicating that “this is a major boost for both teachers and learners; knowing that their plight is known by people outside their premises.”
According Dr Lartey, the Academy had planned to undertake a number of project to enhance teaching and learning and also procure facilities for the children with keen interest in sports but had to shelve those plans for lack of finance.
He told the team that their biggest concerns were the monthly utility bills that takes a toll on their finances.
“We have a piece of land we planned to turn into an astro turf pitch to train the younger ones whose interests lies in making a career out of football, however, we have been unable to commence because there is no money now,” he said.
Dr Lartey expressed gratitude to the teachers who have dedicated their lives to training these children, rather than going for well-paying jobs and hoped that with time, their conditions of engagement would improve.
Moved by the plight of the Academy, the group donated a cash amount of Gh₵3,000 to settle its water bills.
They described as unfortunate the conditions of learners and teachers of the Academy and pledged to continuously support their operations to realize the dream to build a better future for the unfortunate children.
The group offered to support the school with its monthly utility bills, feeding and staff allowance and urged the Academy staff to remain in constant touch with them.
The Street Academy is located at the Accra Art Center and offers brilliant but needy the chance to pursue their educational dreams by enrolling them in public schools with others offered training in sports and cultural activities.
By Spectator Reporter
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