Fuel prices are expected to remain stable in 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 fuel prices at the local pump.
Chief Executive Officer of COMAC, Dr. Riverson Oppong, attributed this stability to the lag between global market fluctuations and domestic pricing mechanisms. “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. This is the reason 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 explained.
He added that the same delay applies when global prices fall. “It is the same thing when it is going down—we should not expect fuel prices hit our prices immediately because it takes time for the landing prices to be changed. “For this week, we are going to have cool prices at the pump level because we are going to sell old stocks or people who have locked in products and paid for it already or may have signed some commercial agreement,” he stated.
Meanwhile, the Ministry of Energy and Green Transition has announced a temporary suspension of new petroleum levies that were scheduled to take effect this month. The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 increase per litre on petroleum products, will not be implemented on the planned date of June 16, 2025.
Speaking on Channel One TV’s Newsroom on Saturday, June 14, the Ministry’s spokesperson and Head of Communication, Richmond Rockson, said the postponement is a response to recent volatility in global oil prices. He noted that the decision forms part of broader efforts to contain inflation and shield consumers from further price hikes.
By: Nerteley Nettey
