Fuel prices at Ghana’s pumps are expected to stay unchanged in the second pricing window of June, despite heightened tensions in the Middle East following renewed hostilities between Iran and Israel.
The Chamber of Oil Marketing Companies (COMAC) attributes the price stability to the time lag between global market fluctuations and domestic fuel pricing. According to COMAC Chief Executive Officer Dr. Riverson Oppong, while global prices may react quickly to geopolitical events, the impact on Ghana’s market is delayed by existing pricing mechanisms and pre-arranged supply deals.
“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 principle applies when global prices decline, noting that local pump prices are not immediately adjusted downward either.
“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,” he said.
For the current pricing window, Dr. Oppong said consumers should expect stable prices, as marketing companies are still selling previously acquired stock or operating under locked-in supply contracts.
“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 the suspension of a planned GH₵1-per-litre petroleum tax increase. The levy, introduced under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), was scheduled to take effect today, June 16.
Ministry spokesperson Richmond Rockson confirmed that the suspension was prompted by volatility in global oil prices. He said the decision is part of broader government efforts to cushion consumers and prevent additional inflationary pressure.
The dual developments, a steady pricing outlook and the temporary withdrawal of a fuel levy, are expected to offer short-term relief to motorists and transport operators who have faced recent economic pressures. However, industry observers note that continued volatility in global markets may still influence prices in the coming months, depending on the duration and scale of the Middle East conflict.
