Motorists and businesses can breathe a sigh of relief as fuel prices are expected to remain unchanged in the second pricing window of June, offering short-term economic reprieve amid ongoing tensions in the Middle East.
Despite recent spikes in global oil prices driven by intensifying conflict between Iran and Israel, the Chamber of Oil Marketing Companies (COMAC) says domestic prices will not see an immediate impact.
COMAC’s Chief Executive Officer, Dr. Riverson Oppong, explained that there is typically a time lag between international price shifts and changes at local pumps.
“Even though we’ve seen global prices rise due to the Iranian-Israeli war, that effect won’t show right away here. Our pricing system absorbs shocks slowly because of how stock and purchase agreements work,” he said.
Dr. Oppong further noted that consumers will benefit from the continued sale of previously acquired fuel stocks, which were purchased under older, more favorable conditions.
“As long as marketers are still selling stock that was bought earlier or based on pre-agreed terms, pump prices will remain stable this week,” he added.
In a related move to cushion consumers, the Ministry of Energy and Green Transition has temporarily suspended the rollout of new petroleum taxes that were scheduled to take effect from June 16, 2025.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which would have introduced a GH₵1 increase per litre on petroleum products, has been put on hold.
Ministry spokesperson Richmond Rockson confirmed the decision in a media interview, saying the postponement is aimed at curbing inflation and shielding citizens from additional financial pressure during this period of global market uncertainty.
“This is part of a broader effort by the government to ease cost burdens on households and businesses,” Rockson said.
For now, Ghanaian consumers can expect fuel prices to remain steady at the pump, at least through the current pricing window.
