Fuel prices at local pumps are expected to remain stable in the second pricing window of June, despite rising geopolitical tensions in the Middle East, particularly the conflict between Iran and Israel.
According to the Chamber of Oil Marketing Companies (COMAC), the ongoing turmoil is not expected to immediately affect pump prices in Ghana due to a lag between global price movements and domestic pricing systems.
“Despite fuel prices going up over the weekend because of the Iranian-Israeli war, you realize that our forecast does not in any way capture those movements,” said Dr. Riverson Oppong, CEO of COMAC. “This is why I say that when fuel prices are going up, we do not see the effect immediately on pump prices in this country.”
Dr. Oppong added that the same delay applies when global prices decline, citing pre-purchased stock and fixed-price agreements as key reasons for the buffer.
“For this week, we are going to have cool prices at the pump level because we are going to sell old stocks or products that have already been paid for under existing commercial agreements,” he noted.
In a related development, the Ministry of Energy and Green Transition has suspended the introduction of new petroleum levies that were originally scheduled to take effect on June 16, 2025.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141) would have added GH₵1 per litre to petroleum product prices. However, the Ministry says the increase has been postponed in light of global price instability.
Speaking on Channel One TV’s Newsroom on Saturday, June 14, Ministry spokesperson Richmond Rockson confirmed the delay, stating it is part of broader government efforts to contain inflation and shield consumers from additional financial pressure.
The Ministry’s move and COMAC’s forecast combine to offer temporary relief for fuel consumers, even as global markets remain volatile.
