The government has officially withdrawn the remaining diesel price relief of GH¢1.07 per litre ahead of the June second pricing window, effective June 16. This marks the end of all temporary fuel price interventions introduced to cushion households and businesses against petroleum price hikes driven by Middle East tensions.
Initially, under measures announced in April, the state absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol, intended to last one month. Ahead of May’s pricing window, the government removed the petrol subsidy and reduced the diesel relief to GH¢1.07 per litre, citing the need to sustain petroleum product distribution while still offering limited support.
At the time, authorities indicated the revised diesel intervention would apply for two pricing windows, subject to review. Its withdrawal now concludes the temporary relief programme. Sources have confirmed to Citi Business News that the diesel fuel price relief measure has now fully ended.
The development comes as consumers prepare for another round of fuel price reductions. Petrol prices are projected to decline by 9.3%, while diesel prices are expected to fall by 1.7% during the second pricing window of June. According to the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC), the anticipated reductions are being driven largely by a sharp decline in international refined petroleum product prices – the steepest recorded since the beginning of 2026.
COMAC noted that the impact on diesel prices is expected to be relatively modest due to the complete removal of the government-industry intervention mechanism. It also indicated that LPG prices remain constrained by existing tender arrangements that have locked in supply costs.
Meanwhile, crude oil prices continue to trend lower on the international market following reports of a framework agreement between Iran and the United States aimed at easing tensions in the Middle East. The development has raised expectations of the reopening of the Strait of Hormuz, a key global oil shipping route.
U.S. President Donald Trump has signalled progress toward a deal, helping to ease concerns over potential supply disruptions and contributing to the recent decline in global oil prices. For import-dependent economies such as Ghana, sustained progress toward a U.S.-Iran agreement could provide further relief in domestic fuel pricing as international crude and refined product costs continue to moderate.
Source: Daniel Sackitey
