The price of Brent crude surged more than 10% and is closing on an all-time high after the risk of a US and European ban on Russian crude threatened a stagflation shock for world markets.
The global benchmark of Brent crude hit $139.13 a barrel at the start of trading on Monday, 7th March, 2022, a leap of more than $20 on Friday 4th March, 2022 close of $118.03.
The all-time of $147.50 was reached in July 2008.
However, some analysts told the UK Guardian that the $147.50 mark could be surpassed because of the geopolitical impact of the Ukraine crisis.
Stock markets also headed the opposite way with more big losses when trading began on Monday, 7th Marchm 2022. The Nikkei in Tokyo was down almost 3%, the Hang Seng was off 3.6% and the Shanghai index had lost 2.3% by 7am GMT. In futures trade, the FTSE100 off 2.6% and the S&P500 down 1.3%.
The rising oil prices on the world market mean fuel prices at the pumps will keep going up, unless government moves quickly to intervene.
Cabinet has actually began a meeting to subsidise price of petroleum products, as the rising cost of fuel prices bite hard at consumers.
A Deputy Minister of Energy, Andrew Agyapa Mercer, had told Joy Business that though it would come as a cost to the tax payer, Cabinet is taking the necessary steps to find relief for Ghanaians.
He explained that the Ministry of Finance is considering a recommendation from the National Petroleum Authority and the Energy Ministry to that effect.
Petroleum prices are presently selling above 8 per liter at most pumps of the Oil Marketing Companies.
This is expected to translate into increase inflation and higher cost of living.
Already, some prices of goods on the market have shot up.