Credit Kekeli K. Blamey
Despite rising geopolitical tensions between Iran and Israel, fuel prices in Ghana will remain stable in the second pricing window of June, according to the Chamber of Oil Marketing Companies (COMAC).
COMAC’s Chief Executive Officer, Dr. Riverson Oppong, says the local market is insulated—for now—from the global price surges triggered by the conflict.
“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,” Dr. Oppong stated. “That’s because there is a time lag before global changes affect pump prices here.”
He explained that local pricing is based on existing stock and previously agreed supply contracts, which delay the impact of international market fluctuations. “We are going to have cool prices at the pump level because we are selling old stocks or products already paid for,” he added.
Dr. Oppong also emphasized that the same delay applies when global prices decline. “When prices fall, the effect isn’t immediate either. It takes time for landing prices to adjust.”
In a related move aimed at consumer relief, the Ministry of Energy and Green Transition has postponed the implementation of new petroleum levies that were set to take effect on June 16, 2025.
The Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which proposed a GH₵1 per litre increase in petroleum prices, will not be enforced as planned.
Ministry spokesperson Richmond Rockson, speaking on Channel One TV’s Newsroom on Saturday, June 14, said the suspension is part of a broader effort to manage inflation and minimize the financial burden on Ghanaians amid unstable global oil prices.
“Our aim is to protect consumers from sudden shocks,” he said.
For now, Ghanaian drivers can expect a brief period of price stability, despite global uncertainties—a rare reprieve at the pump in turbulent times.
