Despite rising geopolitical tensions in the Middle East, especially between Iran and Israel, fuel prices are predicted to stay steady during the second June pricing window.
The Chamber of Oil Marketing Companies (COMAC) asserts that it is doubtful that recent events in the area will have an immediate effect on local gas prices.
Dr. Riverson Oppong, the COMAC CEO, explained this stability by pointing to the delay between domestic pricing mechanisms and changes in the global market.
“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.
The Ministry of Energy and Green Transition has announced that new petroleum levies that were supposed to go into force this month will be temporarily suspended.
The proposed GH₵1 increase per litre on petroleum products under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141) will not take effect on June 16, 2025.
On Saturday, June 14, Richmond Rockson, the Ministry’s spokesperson and Head of Communication, stated on Channel One TV’s Newsroom that the postponement was necessary due to the recent fluctuations in oil prices around the world.
The decision is part of larger efforts to keep inflation under control and protect customers from future price increases, he said.