Ghana’s fuel prices are expected to remain stable during the second pricing window of June, despite mounting geopolitical tensions in the Middle East, particularly the ongoing conflict between Iran and Israel.
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The Chamber of Oil Marketing Companies (COMAC) has downplayed fears of immediate price hikes, citing a natural delay in the country’s pricing system. According to COMAC CEO Dr. Riverson Oppong, global fuel price spikes do not instantly reflect at local pumps due to timing lags in the pricing mechanism.
“Although global prices have increased following the Iranian-Israeli war, our projections remain unaffected. That’s because changes in international fuel prices don’t impact local pump prices right away,” Dr. Oppong explained.
He noted that the same delay occurs when prices fall, adding that this buffer helps shield consumers from abrupt shifts in the global market.
“This week, pump prices should stay cool. We’re still selling older stock, much of which has already been paid for under prior commercial agreements,” he said.
Adding to the relief for consumers, the Ministry of Energy and Green Transition has temporarily suspended a new petroleum levy that was set to take effect on June 16.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 increase per litre of fuel, has been put on hold in light of recent volatility in global oil prices.
Speaking on Channel One TV’s Newsroom on Saturday, June 14, Ministry spokesperson Richmond Rockson confirmed the delay, emphasizing the government’s intention to minimize inflationary pressures and protect consumers from further economic strain.
