Fuel prices are expected to remain stable during the second pricing window of June, despite escalating geopolitical tensions in the Middle East, particularly between Iran and Israel.
This is according to the Chamber of Oil Marketing Companies (COMAC), which says recent developments in the region are unlikely to have an immediate impact on local pump prices.
Dr. Riverson Oppong, CEO of COMAC, attributed the projected stability to the delay between global market changes and domestic pricing adjustments.
“Although global fuel prices rose over the weekend due to the Iran-Israel conflict, our forecast does not reflect those movements,” Dr. Oppong explained.
“This is because fluctuations in international markets don’t immediately affect pump prices in Ghana,” he added.
He noted that the same delay applies when global prices decrease. “It takes time for changes in global prices to influence landing costs. For now, we’ll continue selling existing stocks or products secured under previous commercial agreements, which helps keep prices stable,” he added.
Meanwhile, the Ministry of Energy and Green Transition has announced a temporary suspension of new petroleum levies initially scheduled for implementation this month.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 per litre increase on petroleum products, will no longer take effect on its planned start date of June 16, 2025.
Story By: Michael Abayatey
